Sep 8 2008
Industrial Nanotech, Inc., an emerging global leader in nanotechnology, announced today that NanoFan General Trading, a company that specializes in industrial solutions to petrochemical facilities and other heavy industry, has purchased the exclusive distributorship rights for the Company’s product line in the United Arab Emirates. Prior to acquiring the distributor rights for Industrial Nanotech’s product line, NanoFan had already successfully completed several pilot projects utilizing the Company's patented Nansulate energy saving industrial protective coatings at petrochemical facilities in the Middle East. NanoFan General Trading is based in Ajman, United Arab Emirates.
“We are very pleased to be working with this strong, well established and progressive company,” stated Francesca Crolley, V.P. Of Operations & Marketing for Industrial Nanotech, Inc. “Nanofan’s experience in industry and innovative introduction of new technologies have already been a benefit for Nansulate in the petrochemical industry. This is an important target market for us and the Middle East is rich with opportunity for our products. We are impressed with the projects that NanoFan has already completed in this industry and look forward to the substantial revenue stream anticipated from their upcoming projects. Nanofan provides us with a strong partner in this important region to expand our market share not only the petrochemical market, but other important industrial and oil and gas target markets as well.”
With more than 40% of all pending global petrochemical capacity to be built by 2011 scheduled for the Middle East, the region is becoming the world's petrochemical hub. Companies such as Saudi Basic Industries Corp, the world’s largest petrochemical maker by market value, and Dow Chemical Co. are investing in regional petrochemical production to take advantage of buoyant global demand, particularly from Asia, and the comparatively cheap local price of natural gas, commonly used to make chemicals and plastics.