The agreement represents a strategic cornerstone for the expansion of Energtek's activities in Bosnia and Herzegovina.
The agreement enables Energtek to purchase natural gas at several locations in Bosnia and Herzegovina, enabling the ongoing sale and distribution of the gas to customers in the country using Energtek's 'mobile pipeline' technology. The agreement establishes Energtek's presence as the first and major mobile supplier of natural gas in the country.
The agreement with BH Gas allows to foster further gas supply agreements with customers in Bosnia and Herzegovina.
The activities in Bosnia and Herzegovina willl be implemented through a local subsidiary with the participation of local partners. Energtek will retain the majority of the shares of the subsidiary.
Energtek develops and applies low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. The company is also involved with oil and gas exploration in Israel.
Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. The companyâ€™s products include gas storage tanks, vehicle conversion systems, filling stations and bulk transportation equipment.
Lev Zaidenberg, CEO of Energtek, said: â€œThis is a strategic step for increased supply of natural gas to large energy consumers in Bosnia & Herzegovina, giving us a significant competitive advantage in the present market conditions. We intend to build on this competitive advantage to gain substantial market share.â€
Will the deal commercially benefit Energtek?
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