NEW YORK, Dec. 11, 2017 (GLOBE NEWSWIRE) -- via NetworkNewsWire - NetworkNewsWire ("NNW"), a multifaceted financial news and publishing company, today announces the publication of an editorial featuring Petroteq (TSX.V:PQE) (OTCQX:PQEFF), a client of NNW engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies.
The publication, titled, “Blockchain Technology Creates Potential for Energy Industry Optimization,” reviews the potential of blockchain technology for supply chain management in the oil and gas industry.
To view the full publication, visit: https://www.networknewswire.com/blockchain-technology-creates-potential-energy-industry-optimization/
“As part of its strategy to build advanced oil processing and refining facilities around the world, Petroteq encountered an impediment: less-than-optimal global oil and gas industry supply chain channels. Already familiar with the intricacies of the oil and gas industry, Petroteq quickly recognized the business opportunity at hand. In its quest for a solution to overcome difficulties associated with the industry’s supply chain inefficiencies and bottlenecks, Petroteq recently partnered with First Bitcoin Capital (OTC:BITCF) to develop and operate an enterprise-grade, blockchain-based platform called Petrobloq (https://petrobloq.com/) that will enable oil and gas companies globally to conduct transactions.
“Petrobloq will constitute the first blockchain-based platform devoted entirely to serving oil and gas industry supply chain needs. The project is designed to address the cost constraints industry participants face in the wake of almost seven years of oil prices languishing at levels far below their $120 peak. Petroteq expects Petrobloq users will realize cost and time savings while benefiting from the increased transparency offered by the blockchain, enabling them to more easily navigate the vicissitudes of an ever-evolving global market.”
About Petroteq Energy Inc.
The company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Petroteq’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. Under a joint venture agreement with Recruiter.com and Oilprice.com, the company will publish website-based employment opportunities in the Energy sector. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. For more information, visit www.PetroteqEnergy.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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