VIENNA, November 17, 2014 /PRNewswire/ --
With the signing of a contract on the use of "cold cracking" technology in China, an Important breakthrough in the field of heavy oil production and treatment has been achieved for the participating companies, Pristec AG and China National Petroleum (CNPC).
Pristec AG signed with CNPC on November 07 2014 at Beijing an agreement that is worth several billion US$ over a period of 20 years for all refineries of CNPC. This will commence after a 90-day validation run of the "Pristec cold cracking" systems. Additionally, the agreement provides for the use of the technology by CNPC in all of its refineries in the PRC (People's Republic of China) as well as in all countries where CNPC operates or promotes heavy oil production. Within 6 months, commissioning will commence in China's largest refinery complex of CNPC, which operates with local heavy oil.
The procedure known as "cold cracking" is a new; breakthrough technology which processes heavy oils as well as refinery residues more efficiently without the use of chemical or thermal methods and at the same time provides usable products with a far better quality over current methods. This procedure is not only cost-effective but also environmentally friendly and differs from methods that are currently widely used in the extraction and processing of petroleum.
The Vienna-based company Pristec AG was founded in 2006. It has continued its research on this project since then, and holds the necessary global patents. Industrial trials with equipment for processing capacity of 5,000 barrels per day have been carried out since 2012. All previous trials have provided reliable and high-quality results, which were confirmed by leading international certification companies.
As a company spokesman pointed out, the "cold cracking" of Pristec AG is a new and revolutionary, patented process, which is not only more efficient, but also cost effective and environmentally friendly in the processing and production of crude oil.
SOURCE Pristec AG