Petroteq Energy (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), an oil company focused on the development and implementation of its proprietary oil-extraction technologies, recently announced new management appointments. The changes come as a result of the resignation of Alex Blyumkin, who was founder of Petroteq and has served as an officer and director. The company has announced that the board of directors has appointed R G Bailey as interim CEO. Bailey is currently serving as a director and is a former CEO of the company. In addition, the board also appointed Vladimir Podlipsky, current chief technology officer, as a company director. According to the announcement, Blyumkin stated that, after a decade of working to bring the company to the cusp of commercial success, he wanted to focus more on his family and move away from the daily obligations of running the business. He also noted that it was time to turn the company over to other experienced team members, who he was confident could accomplish the company’s goals as Petroteq entered its second decade of achievement and growth. “I am honored to accept this appointment, as I have been on this journey with Alex, Petroteq and many shareholders for over nine years, from the startup through building the first plant in Vernal, Utah,” said Petroteq interim CEO R G Bailey in the press release. “Petroteq has a good record of development, through some tough economic times, and is poised to move forward with continued emphasis in deploying its eco-friendly, waterless extraction technology in not only larger scale production operations, but also in oily sand remediation efforts on a global scale. I trust my executive experience in the oil industry will enhance this effort. I thank our shareholders and the directors for their support during our growth years and for their continued support as we grow even stronger.”
To view the full press release, visit https://ibn.fm/3H08b
About Petroteq Energy Inc.
Petroteq is a clean technology company focused on the development, implementation and licensing of a patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands and mineable oil deposits. The versatile technology can be applied to both water-wet deposits and oil-wet deposits, outputting high-quality oil and clean sand. Petroteq believes that its technology can produce a relatively sweet heavy crude oil from deposits of oil sands at Asphalt Ridge without requiring the use of water and, therefore, without generating wastewater that would otherwise require the use of other treatment or disposal facilities, which could be harmful to the environment. Petroteq’s process is intended to be a more environmentally friendly extraction technology that leaves clean residual sand that can be sold or returned to the environment, without the use of tailings ponds or further remediation. For more information about the company, visit www.Petroteq.energy.
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