strap your seat belts oil company agreement, page-2

Here's the article for those that missed it. Petrol Ofisi A.S. owns 3,885 service stations across Turkey so this could be quite a significant partnership.

Oxonica delighted at Turkish deal
Wed 16 Aug 2006

OXN - Oxonica

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Oxonica 124.00p +12.73%

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LONDON (SHARECAST) - Oxonica rallied strongly today after the nanomaterials group said it has reached agreement with Turkish oil company Petrol Ofisi to supply its Envirox fuel borne nanocatalyst for use in diesel fuel across its nationwide distribution network.

The agreement is the first of its kind for Envirox and is in line with Oxonica's strategy of signing commercially significant deals with major partners to access the volume market, it said.

Oxonica will provide an initial supply of Envirox to be used by Petrol Ofisi to evaluate market acceptance of the new enhanced fuel within its national market and is expected to generate sales for Oxonica worth $12.7m this year.

Following the marketing evaluation, Oxonica expects to be in a position to indicate likely levels of ongoing demand in the first quarter of 2007.

Envirox has been shown in field trials to reduce fuel consumption in diesel engines with savings of 5 to 10% with commensurate reductions in carbon dioxide. It has also been shown to reduce particulate emissions by up to 15%.

In addition, Oxonica has announced the launch of a collaboration with Petrol Ofisi and Oxford University to develop new catalysts for the petrochemical industry.

“This deal is another major milestone for Envirox,” said chief executive Kevin Matthews.

“The initial order provides a meaningful increase in Oxonica's revenues for the current year and a successful nationwide product launch by Petrol Ofisi could lead to a significant boost to Oxonica's sales and cash flow going forward.”

The group added that trading for the first half is in line with current expectations.

Results for the six months ended 30 June are scheduled for release on 18 September.