Adelaide, Mar 21, 2007 AEST (ABN Newswire) - ASX-listed Eden Energy Ltd (ASX: EDN) today announced that one of its wholly owned subsidiaries had secured an agreement with one of India's largest natural gas groups, Gurjarat State Petroleum Corporation Ltd (GSPC) to market Eden's Hythane(R) fuel technology throughout Gurjarat - a heavily industrialised state in northwest India.
The agreement, which now only relies on formal sanction by the GSPC Board, will apply for the next five years.
Hythane(R), a mixture of hydrogen and natural gas, is a high efficiency, low emission premium blend of natural gas which reduces emissions of polluting nitrogen oxide by up to 50% compared with just natural gas, and which Eden is increasingly marketing on a global basis.
Gujarat State Petroleum Corporation - which owns oil and gas exploration interests in Western Australia and Victoria - is a major Indian Natural Gas producer, pipeline operator, distributor and marketer.
Today's breakthrough adds to Eden's announcement in December last year that it had secured a 10-year agreement with the large bus and heavy transport group, Chennai-based Ashok Leyland for Eden's patented Hythane(R) fuel blend to be introduced across tens of thousands of public transport vehicles in India.
Eden Energy's Executive Chairman, Mr Greg Solomon, said today the Gurjarat signing was a further major milestone for Eden in its efforts to establish Hythane(R) as the Natural Gas fuel standard "in the enormous emerging Indian Natural Gas market for vehicles, power generation and locomotives".
"Eden is hopeful that this will be just one of several strategic agreements related to the marketing and rollout of Hythane(R) in India that Eden and its subsidiaries will enter into over the next six to 12 months with various major companies and organizations that operate in relevant sectors of the Indian Natural Gas market," Mr Solomon said.
Terms of Gurjarat agreement
Under the terms of today's agreement,
- GSPC will collaborate, on a non-exclusive basis, to market Hythane(R) in Gujarat
- Eden will provide to the GSPC Group and its customers, and thereafter maintain, on commercial terms to be agreed, all necessary equipment to produce all Hythane(R) required by them
- GSPC will in turn support the marketing of Hythane(R) and the proposed Hythane(R) bus demonstration project planned for Ahmedabad ( the capital of Gujarat) planned for later in 2007
- GSPC will support the establishment of all necessary standards and regulations for Hythane (R) in India.
Mr Solomon said all carbon credit benefits derived from their joint Hythane(R) operations would be shared equally between Eden and GSPC.
GSPC Group comprises seven companies and has been playing a pivotal role in energising and mobilising the energy sector of India.
"It has earned the rare distinction in little over 25 years, of becoming a major Indian Natural Gas and oil producer in addition to developing a comprehensive energy infrastructure which includes a 2,500 kilometre high pressure Natural Gas pipeline servicing 20 cities in Gujarat," Mr Solomon said.
"Additionally, GSPC Group has developed, alone and in joint venture, more than 1000MW of gas fired power production in Gujarat as well as establishing an expanding chain of Natural Gas retail outlets which service the bus and automobile markets."
As well as being a major oil and gas producer in India, GSPC has also acquired oil and gas exploration interests in two Western Australian offshore permits as well holding a 20% farm-in interest in an offshore block in the Otway Basin in Victoria.
About Eden Innovations Ltd
Eden Innovations Ltd (ASX:EDE) is dedicated to clean technology solutions that make life better and the planet more sustainable. It developed, manufactures, and markets EdenCrete(R), a revolutionary high performance concrete admixture and OptiBlend(TM), a world leading innovative retrofit dual fuel kit developed for diesel generator sets.
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