Environmental Services — February 4, 2010
Sonic announces PetroSonic heavy oil upgrading JV in Albania
TSX Venture Exchange Symbol: SNV
The joint venture is with a private company (PrivateCo) which will provide an existing lease and facility which has been utilized in the past for crude blending operations. The PrivateCo will contribute an initial
Over the next 30 days the parties intend to finalize a shareholder and license agreement and register a joint venture company in
The PetroSonic process consists of a first phase of rapid de-asphalting of oil that is expected to increase the API of typical Albanian heavy oil by approximately 6-10 degrees, reduce sulphur and metals by 40% and lower viscosity by 99%. The second phase of the process utilizes a chemical oxidation process which can upgrade oil by an additional 6-10 API. The Joint venture will initially focus on the first phase de-asphalting process. Once de-asphalting operations are successfully established and cash flow is being generated, the joint venture plans to integrate the second phase.
With respect to the previous Mirex joint venture in Alberta announced in
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements, including completion of relevant joint venture agreement documents, funding of the capital for the joint venture, timing, cost and completion of the heavy oil upgrading facility and prospect of moving to a second phase of the de-asphalting process are subject to various assumptions and risks concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.
For further information: please contact Richard Wadsworth, Chief Executive Officer, at: Tel: (604) 736-2552, Email: info@SONICTSI.com, www.SONICTSI.com
Latest Industry Press Releases
Updated 18:03 MDT, September 2, 2010 
Construction/Building
Aecon awarded $33 million MTO contract to expand Highway 11 (2010-09-02)
Leisure Canada Commends Cuban Golf Course Initiative (2010-09-02)
GENIVAR Income Fund Acquires Pryde Schropp McComb Inc., an engineering firm specializing in the aviation industry (2010-09-02)
CanWel Building Materials Announces Appointment (2010-09-02)
Winalta Inc. announces fourth extension of CCAA protection until September 7, 2010 (2010-09-01)
PFB Corporation Announces Normal Course Issuer Bid (2010-09-01)
Empire Industries Announces Proposed Private Placement, Stock Option Grants (2010-09-01)
Lakeside Steel Breaks Ground on New Manufacturing Facility in Alabama (2010-09-01)
Retrocom Mid-Market REIT Announces $11 Million Investment in Lincoln Value Centre, St. Catharines, Ontario (2010-08-31)
Stantec Increases Credit Facility to C$350 Million and Extends Maturity Date to August 2013 (2010-08-31)
RioCan REIT Announces $124.5 Million Public Offering of Trust Units (2010-08-30)
Large JJM Construction Ltd. consignment in next Ritchie Bros. Chilliwack auction (2010-08-30)
Empire Industries Reports 2010 Second Quarter Results, Appointment of Independent Board Chair (2010-08-30)
Canadian Equipment Rental Fund Limited Partnership Results for the Second Quarter 2010 (2010-08-27)
Aecon announces closing of Cow Harbour asset purchase and launch of new Aecon Mining business (2010-08-27)
CITY COUNCIL APPROVES WATERFRONT TORONTO'S BAYSIDE DEVELOPMENT PROJECT (2010-08-27)
Global Summit Real Estate Inc. Announces Dividend (2010-08-27)
Tribute Communities Links Past and Future With Cornerstone Ceremony at RCMI Condominium (2010-08-27)
CanWel Building Materials Announces Appointment (2010-08-26)
Stantec to Significantly Increase Architecture Practice With the Planned Acquisition of Anshen Allen (2010-08-26)
Allied Properties Real Estate Investment Trust Announces $50 Million Public Equity Offering (2010-08-26)
| MOST POPULAR STORIES |
- High-tech oil sands project near Fort McMurray, Alberta could change industry
- TransCanada begins construction on British Columbia-Alberta pipeline
- VIDEO: B.C. Construction Association welcomes standardized contract forms
- Port Mann Bridge under construction
- Crane accident kills worker at construction site in Burnaby, British Columbia
- 20 Most Popular Stories
| TODAY’S TOP CONSTRUCTION PROJECTS |
These projects have been selected from 263 projects with a total value of $8,919,878,049 that Reed Construction Data Building Reports reported on yesterday.
NATURAL GAS PROCESSING FACILITY
$500,000,000 Fort Nelson BC Prebid
$250,000,000 Fort Nelson BC Negotiated
$35,000,000 Winnipeg MB Prebid
| CURRENT STORIES |
- Crane operator certification deadline looms in British Columbia
- High-tech oil sands project near Fort McMurray, Alberta could change industry
- Saskatoon bridge closed indefinitely over structural concerns
- City of Regina project turns up all sorts of surprises
- Awareness about qualifications-based selection lacking: Survey
- Canadian Institute of Steel Construction launches Steel Day
- Saskatchewan bridge collapses, causing crane to topple
- Crane tips over, killing worker and injuring two
- Saskatoon man pulled from hole at construction site
- Churchill airport gets government cash for infrastructure upgrades
- Stantec acquires health care architectural firm
- Photovoltaic training program aimed at improving safety
- Construction continues on Woodgreen Community Housing development in Toronto
- TransCanada begins construction on Alberta-British Columbia pipeline
- Saskatoon bridge closed indefinitely over structural concerns
- China manufacturing, sales figures rebound
- U.S. workers rate safety standards as top priority
- Labour agreement removed from bidding process for armed forces reserve centre
- Cambodia announces plan for tallest skyscraper in Asia
- Russia opens section of China oil pipeline
- Anemic U.S. housing concerns lumber producers
