GLOBAL OIL SHALE SIGNS STRATEGIC FRAMEWORK AGREEMENT WITH TTU LIMITED FOR GALOTER TECHNOLOGY ACCESS AND LICENSING
Global Oil Shale Group Limited (“GOS”), the specialised oil shale development and production company, is pleased to announce that it has signed a Strategic Framework Agreement with TTU Limited (“TTU”) of St Petersburg (Russia), which is a company holding patents and critical knowhow for the modified UTT 3000 Modified Environmentally Friendly (MEF) thermal processing plant.
Under the agreement GOS has access to TTU’s modified UTT 3000 MEF technology and associated licenses and is looking to jointly develop oil shale resources for commercial production with UTT 3000 MEF as base processing approach.
The UTT 3000 MEF is based on the Galoter oil shale process, which has more than 60 years of continuous operational history in production of oil and electricity from oil shale.
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Petri Karjalainen – Executive Chairman
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Anton Eiguine – Investors Relations
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