When we last mentioned PETROTEQ ENERGY IN (OTCMKTS:PQEFF) here on Street Register, we were interested in the company for the fact that it possessed traditional energy holdings, as well as entering into a very forward thinking space.
Petroteq had recently announced that it would be pursuing a complementary new direction in addition to oil extraction- using blockchain technology to optimize oil & gas supply chain management with a system it calls Petrobloq, managed by a PQEFF subsidiary of the same name.
This week, PETROTEQ ENERGY IN (OTCMKTS:PQEFF revealed that PetroBLOQ has become the latest member to join Hyperledger, an open source collaboration to advance cross-industry blockchain technologies. PetroBLOQ’s novel blockchain-based oil and gas supply chain management platform is being co-developed with First Bitcoin Capital Corp. (OTCMKTS: BITCF).
Hyperledger is a global consortium including leaders in finance, banking, IoT, supply chain, manufacturing and technology. Over 180 diverse organizations support this open source collaboration, hosted by the Linux Foundation.
“We are excited to be part of the Hyperledger community of industry leaders and technology experts,” said Alex Blyumkin, CEO of Petroteq Energy. “As pioneers in the development of blockchain applications for the oil and gas energy, PetroBLOQ is excited to contribute to the Hyperledger collaboration.”
“We are pleased to welcome PetroBLOQ to the Hyperledger family,” said Brian Behlendorf, Executive Director of Hyperledger. “We are constantly seeking diverse industry and thought leaders to join our efforts to advance enterprise grade, open source distributed ledger frameworks to support an increasing variety of critical applications.” (Source: Globe Newswire)
As we were mentioning above, it’s not just blockchain tech but also traditional energy production that Petrotech was involved in, and there has also been a development on that front this week. PQEFF updated on the build progress of its heavy oil extraction facility in Asphalt Ridge, Utah.
The Company has received the Uintah County Building Permit required for the construction of the Facility and the Company has completed the required foundation work. The Company has previously announced that it has successfully moved the equipment from its 250 bpd facility in Maeser, Utah to its lease site at Asphalt Ridge, Utah, where it is constructing the Facility to an anticipated production capacity of 1,000 bpd.
In preparation for discussions with oil refineries for the purchase of heavy oil from the Company, the Company completed an analysis of the end product of the Company’s patented clean oil extraction process. The results of this analysis indicate a high range of diesel organics as well as low sulfur or other contaminants. These results indicate that there should be high demand for the Company’s heavy oil as demand for low sulfur diesel has been growing driven by the trucking and shipping industries.
“With recent reports from Goldman Sachs and the American Petroleum Institute indicating that 2018 will be a good year for Oil in the US, we look forward to getting into production and helping meet the expected demand for heavy crude in the Utah market.” Stated Alex Blyumkin, Chief Executive Officer of the Company. (Source: Globe Newswire)
With significant developments occurring in both facets of PQEFF’s business, this is most certainly a story that we will want to follow closely going forward. Stay locked to Street Register for updates, and we’ll deliver important developments on PQEFF as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in PQEFF stock, short or long.