Enerchem & Blend oil form Egyptian Joint Venture Company.
The new company, Egyptian Canadian Company for Chemical Industries is jointly owned by Enerchem International Inc. and Blend Oil Services and Supply, Cairo Egypt.
Larry B. Phillips, President and J. Barrie Brookman, General Manager, Enerchem International Inc. attended the General Assembly meeting of the new company in Alexandria, Egypt on November 22, 1995 at which time the structure of the company was established. A Board of Directors meeting held November 23rd outlined the management structure and business objectives of the company. The Egyptian Canadian Company for Chemical Industries is now qualified to do business in Egypt as authorized by the Arab Republic of Egypt in conformity with the laws presently in force.
Sabbour Engineering of Cairo, Egypt have been awarded the engineering contract for the blend plant, warehouse and laboratory which will be constructed on the 1.074 ha. of land that the new company has secured in the Alexandria Free Zone. Tenders for the buildings and process equipment will be sent out in the near future and construction of the buildings will commence early in the new year. The majority of the process equipment will be designed and built in Canada and shipped to Alexandria for installation. It is estimated that the plant should be fully functional by late 1996.
Enerchem International Inc. will be providing base materials for manufacturing the oil and gas production chemicals that will be sold in Egypt and other countries in the Middle East. Technical support will be provided by Enerchem through a technology transfer agreement. Enerchem International Inc. is engaged in the formulation, manufacturing and marketing of a wide range of oil and gas production chemicals including demulsifiers, corrosion, scale and paraffin inhibitors, biocides, paraffin/asphaltene solvents, water clarifiers and stimulation chemicals. The company operates a research laboratory along with blending, warehouse and office facilities in Nisku, Alberta, Canada and at their subsidiary Enerchem International Corporation in Midland, Texas. Enerchem is committed to solving oil and gas production problems through diagnosis, treatment and strong field service.
Enerchem International Inc. has been advised that this is the first Egyptian/Canadian partnership ever established in the oil and gas industry in Egypt. The location of the plant in Alexandria gives Enerchem exposure to the vast Middle East markets where oilfield related chemical sales exceed 300 million dollars per year. -0- Larry B. Phillips President
THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
CONTACT: Phillip Shragge, (403) 421-9247
Ken Klein, (403) 955-3388
(403) 955-2064 (FAX)
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|Date:||Dec 4, 1995|
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