Todays Writing forms Joint Venture with Welco Oil for Enhanced Oil Recovery

Todays Writing Products Ltd has announced that the Company had formed a subsidiary - Todays Petrotech Ltd for the purpose of pursuing the business in the Oil and Gas Sector. The Company has been evaluating various options since then. The Company has recently concluded an arrangement for setting up of a Joint Venture with Welco Oil of Norway. Welco Oil will provide the technology for the purpose of facilitating enhanced Oil recovery from Oil Wells through their patented microbial enzymatic technology, which been proved in many fields the world over. This joint venture Company will endeavor to obtain various oil fields from Oil producing Companies and enter in to a production sharing arrangements.

The Company will be shortly finalizing the plan in respect of the implementation and financial closure in respect of this business.

Source : Equity Bulls

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