Industrial Nanotech, Inc. (Pink Sheets:INTK), an emerging global leader in nanotechnology based energy saving solutions, today announced that the Company is expanding into China in partnership with its distributor from The Kingdom of Saudi Arabia.
“Our distributor in Saudi Arabia is well positioned to facilitate our expansion into China through their firmly established and rapidly growing business interests and relationships at the highest levels in that country,” stated Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc.
Saudi Arabia, with approximately one fifth of global crude oil reserves and China, one of the world’s largest oil consumers, have forged closer ties as Saudi Arabia responds to China’s rising energy needs. China is now the main buyer of Saudi oil, and Saudi Arabian Oil and Saudi Basic Industries are making substantial investments in refinery and petrochemicals projects in China. During a recent trip to Saudi Arabia, Chinese Minister of Commerce Chen Deming stated that both countries expect to increase trade volume to $60 billion by 2015 after the target of $40 billion, projected for 2010, was accomplished in 2008. The partnership between Saudi Arabia and China is part of a broader strategy by the Kingdom of Saudi Arabia to supply Asian markets and extend their participation in global progress.
In March of 2010, Mr. Burchill traveled to Riyadh, Saudi Arabia for a week of meetings with leaders of industry in Saudi Arabia as a guest of HRH Prince Abdullah bin Mosaad Bin Abdulaziz Al-Saud, one of the Kingdom's most prominent businessmen and industrialists and the Chairman of the Company's exclusive distributor in Saudi Arabia, Saudi Environmental Projects, Ltd.
Mr. Burchill continued, “The close relationships developed during my visit to Saudi Arabia, the impeccable integrity of all their business dealings with us, the substantial resources and the quality of the resources which our distributor there has access to and has allocated to expanding the use Nansulate in industry, including a team of highly educated engineers and technical staff members, and their commitment to the commercialization of Nansulate throughout the region combined with their well established relationships in China made them a natural choice to be our partners in expanding the use of Nansulate throughout China.”
In September of 2010, the vice chairman of China's National Development and Reform Commission, Xie Zhenhua, stated that the country will continue working to reduce the growth of its carbon emissions. He emphasized the role of technological innovation and that Chinese companies are researching ways to upgrade the country's traditional industries. He added that some of the objectives, such as reducing carbon emissions, will be made mandatory.