Business Services Industry
Imperial Petroleum Recovery Corp. Announces the Signing of a Licensing Agreement
Business Wire, Dec 20, 1996
ALEXANDRIA, Va.--(BUSINESS WIRE)--Dec. 20, 1996--A spokesperson for Imperial Petroleum Recovery Corp. (NASDAQ OTC BULLETIN BOARD: IREC) announced today that the company has signed a territorial license with the province of Hebi, including the city of Beijing, China for its crude oil sludge remediation system.
According to the terms of the agreement, Imperial will receive $7 million of scheduled payments over the next six months, and is expected to produce between $7-9 million in annual revenues.
The U.S. Department of Energy reports that China operates 19 offshore oil fields in which 1996 production reached 280,000 barrels a day. This is a 75% increase over 1995 levels. An even greater increase is expected in 1997.
China's oil refineries currently operate close to capacity, but are rapidly unable to keep up with increasing demand for petroleum products. China needs to maintain production at approximately 3.1 million barrels a day to meet its high economic growth target.
Imperial manufactures and markets an RF energy-based oil emulsion breaking system which is a solution to the problem of mounting world inventories of crude oil sludge.
CONTACT: Imperial Petroleum Recovery Corp.
Frederique Campagne, 703/578-9700 (Investor Relations)
or
Gerald Communications
Gerald Sterchi, 916/854-4931 (Investor Relations)
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