NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 03/06/2018 5:56:25 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Inks Offtake Agreement with Firebird Logistics
Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning said that it has entered into a six-month agreement with Firebird Logistics LLC for 100% of the production from the company’s heavy oil extraction facility in Asphalt Ridge, Utah. Following the initial six-month term, the agreement will continue on a month-to-month basis. The monthly price will be determined by the calendar day average of the NYMEX settlement price for West Texas Intermediate Light Sweet Crude Oil, less $6.50 per barrel and adjusted for basic sediment and water. After recently completing testing of all major process systems at the facility, the company is currently undergoing test runs of the utility system in preparation for the launch of commercial production. “This agreement maximizes our flexibility and our price leverage by diversifying customers among all local refineries,” Petroteq CEO Alex Blyumkin stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) this morning said that it has entered into a six-month agreement with Firebird Logistics LLC for 100% of the production from the company’s heavy oil extraction facility in Asphalt Ridge, Utah. Following the initial six-month term, the agreement will continue on a month-to-month basis. The monthly price will be determined by the calendar day average of the NYMEX settlement price for West Texas Intermediate Light Sweet Crude Oil, less $6.50 per barrel and adjusted for basic sediment and water. After recently completing testing of all major process systems at the facility, the company is currently undergoing test runs of the utility system in preparation for the launch of commercial production. “This agreement maximizes our flexibility and our price leverage by diversifying customers among all local refineries,” Petroteq CEO Alex Blyumkin stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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