17 May 2011 07:00
For Immediate Release 17 May 2011
Corac Group Plc
("Corac")
Technology Partnership signed with Saudi Aramco
Corac is delighted to announce that on 16 May 2011 it signed a partnership agreement with Aramco Overseas Company B.V ("AOC") part of The Saudi Arabian Oil Company ("Saudi Aramco") for the development of an in-line gas compressor ("IGC") utilising Corac's unique compact high speed compressor technology. The IGC application would be located above ground and introduced in the production pipeline to boost and optimise network gas flows, offering Saudi Aramco significantly improved control and flow of their gas assets.
Due to the demanding conditions that the IGC would be required to operate in, Corac will engage in a research and development program in partnership with Saudi Aramco that will take 18 months. Throughout the initial development program, Saudi Aramco will provide technical and financial support, as agreed within the commercial terms and will then manage the subsequent in-field deployment and monitoring phase at one of their selected assets, supported by Corac's skilled engineers.
Phil Cartmell, Executive Chairman and CEO commented,
"I am very pleased that we have now secured this partnership agreement with Saudi Aramco, one of the world's leading oil and gas exploration and production companies. This is a major opportunity to utilise our technology and it is significant for us to have such a key partner and potential end customer for this application. Corac's IGC technology may have a far reaching impact in the gas industry with the potential to become as established as Electrical Submersible Pumps in the oil industry. This further supports the confidence in our core technology as well as broadening Corac's commercial opportunities in line with our stated strategy."
Editors Notes
Corac is an innovative research and development group, specialising in compressor and power electronics technology, developing patented applications and creating value for end customers.
Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, is a fully-integrated, global petroleum enterprise and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260.1 billion barrels of crude oil and the fourth-largest gas reserves in the world, 275.2 trillion cubic feet.
For further information:
Corac Group plc
Phil Cartmell - Chairman & Chief Executive Officer
Mark Crawford - Commercial & Finance Director
Tel: 01895 813463
Cenkos
Jeremy Warner-Allen - Sales
Liz Bowman/Ivonne Cantú - Nomad
Tel: 020 7397 8980
Buchanan Communications Ltd
Richard Darby/Ben Romney/Helen Chan
Tel: 020 7466 5000