Geotec/TelcoEnergy agrees to acquire Russian LPG firm

By OGJ editors

HOUSTON, May 3 -- Geotec Thermal Generators Inc./TelcoEnergy Corp., Boca Raton, Fla., agreed in April to acquire 51% of OOO Neftgaz, a Russian firm that has permits and authorization to build a 30,000 cu ft LPG storage facility that would be the first privately held unit of its kind in southern Russia.
Geotec announced Mar. 1 it signed a letter of intent to acquire TelcoEnergy in a move that would take TelcoEnergy public. Geotec specializes in production of coalbed methane, while TelcoEnergy owns or has under contract significant oil and natural gas reserves in the US, China, and Russia. TelcoEnergy also is involved in developing alternative and reformulated fuels.