PetroBLOQ, the company’s subsidiary focused on the development and implementation of proprietary technologies for the energy industry, announced the planned opening of marketing offices in key strategic international markets, such as Switzerland, Russia and Ukraine.
PetroBLOQ is building a consortium of oil and gas producers. Most recently the company announced the addition of PEMEX, the Mexican state-owned petroleum company and SOCAR Energy Ukraine, Ltd., a subsidiary of the State Oil Company of Azerbaijan Republic.
In order to continue building on its growing number of consortium memberships and expanding its footprint internationally, Petroteq announced office openings in some key strategic locations that it feels will be vital as it continues to develop a supply chain management platform for the oil and gas industry based on advanced blockchain distributed ledger technology.
According to a Reuters article published earlier this year, Russian oil production’s continued growth in 2017 reached a 30-year high of 10.98 million barrels per day, making Russian based oil and gas companies ideal candidates for the PetroBLOQ platform and membership into its PetroBLOQ consortium.
The crucial Ukrainian gas-transit industry has been troubled with ever increasing instability due to geopolitical tension. The Company believes that the platform may find a healthy following among Ukrainian firms interested in efficiency, transparency and decentralized technologies.
Due to Switzerland’s abundance of commodity trading firms, Petroteq feels that having a local presence will provide the company with many opportunities to bolster memberships in its PetroBLOQ consortium.
Alex Blyumkin, CEO of Petroteq, commented,
“We have been gaining traction with oil and gas related companies to our PetroBLOQ platform and we feel that bolstering our international presence in key markets will create an advantage as we move forward with the platform’s development.”
About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. In addition, the company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector.