Specials in Adsorbed Natural Gas technology and advanced natural gas solutions, Energtek proclaimed that it has inked a 10-year deal to supply natural gas to Aluminij d.d. Mostar, a major aluminum producer owned by the government of Bosnia and Herzegovina.
Energtek expects about $100 million in revenues over the next 10 years from the contract. The company will use its mobile-pipeline systems to supply the natural gas in the fourth quarter of 2011. The contract is a consequence of a recently signed contract between BH Gas and Energtek. The former company enables Energtek to buy natural gas from the pipeline grid and supply it to its customers.
At present, Energtek is involved in forming a subsidiary with local companies to execute the business operations in Herzegovina and Bosnia. The company will hold the majority stake of the subsidiary. Aluminij supplies aluminum to global customers, including Glencore International, Venture Coke and Daimler-Chrysler.
The Chief Executive Officer at Energtek, Lev Zaidenberg commented that the new deal would strengthen Energtek's footprint as the nation’s first and prominent supplier of natural gas. The deal is an outcome of the company’s strategic deals and business expansion activities implemented in Bosnia and Herzegovina in 2010, he said.