Petroteq announces PetroBLOQ's strategic entry into key international markets


STUDIO CITY, Calif. -- Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the energy industry, is pleased to announce the planned opening of marketing offices in key strategic international markets, initially targeting Switzerland, Russia and Ukraine.

PetroBLOQ is building a consortium of oil and gas producers. Most recently the Company announced the addition of PEMEX, the Mexican state-owned petroleum company and SOCAR Energy Ukraine, Ltd. (SOCAR), a subsidiary of State Oil Company of Azerbaijan Republic.

To continue building on its growing number of memberships in its PetroBLOQ consortium the Company intends on expanding its footprint internationally by opening offices in locations that it feels will be strategic as it continues to develop a supply chain management platform for the oil and gas industry based on advanced blockchain distributed ledger technology.


According to a Reuters article published earlier this year, Russian oil production’s continued growth in 2017 reached a 30-year high of 10.98 MMbpd, making Russian based oil and gas companies ideal candidates for the PetroBLOQ platform and membership into its PetroBLOQ consortium. 


The crucial Ukrainian gas-transit industry has been troubled with ever increasing instability, due to geopolitical tension. The Company believes that the platform, which it is developing, may find a healthy following among Ukrainian firms interested in efficiency, transparency and decentralized technologies. 


Due to Switzerland’s abundance of commodity trading firms the Company feels that having a local presence will provide for many opportunities to bolster membership in its PetroBLOQ consortium. 

Alex Blyumkin, CEO of Petroteq, commented, “We have been gaining traction with oil and gas related companies to our PetroBLOQ platform and we feel that bolstering our international presence in key markets will create an advantage as we move forward with the platform’s development.”

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