Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) today announced that a subsidiary of State Oil Company of Azerbaijan Republic, SOCAR Energy Ukraine, Ltd., is the newest member of the PetroBLOQ consortium. PetroBLOQ, which is being co-developed with First Bitcoin Capital Corp. (OTC: BITCF), is a blockchain-based oil and gas supply chain management platform based on a distributed ledger technology (“DLT”). The platform delivers an exclusive opportunity for oil and gas industry participants, such as SOCAR, to plan and guide blockchain development research in directions that maximize benefits to the industry. SOCAR will help recognize areas in need of improvement and collaborate on creating solutions to make domestic and international commerce easier, safer and more efficient for oil and gas companies. “We believe implementing blockchain solutions will help bring efficiencies to our industry and are pleased by the reception and support of prominent oil majors and industry partners that recognize these benefits. SOCAR, the second national oil company to join our consortium, will be an invaluable member to our process as we continue developing our platform,” Petroteq CEO Alex Blyumkin stated in the news release.
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. The company’s proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy.
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