Petroteq applies for grant from Utah Alternative Energy Initiative
Petroteq Energy Inc., the company that has begun operating an oil sands extraction plant at Asphalt Ridge near Vernal, has applied for a grant from the Alternative Energy Development Initiative, part of Utah’s Energy Action Plan. The program is designed to spur the growth of state revenues and job growth in the Utah energy market in the form of a 75 percent tax reduction on new revenues, including corporate, sales and withholding taxes for 20 years on projects in the energy sector in the state.
“We have known Utah to be extremely collaborative and committed to its energy action plan and this is just more positive evidence in support of that,” said David Sealock, CEO of Petroteq. “We have spent millions on developing our project and we will look for opportunities to strategically achieve targeted projects for our technology to spend many millions more in business development, rural job creation and workforce development in the energy mining sector as we expand our footprint in what we believe will become the fastest-growing energy market in the U.S. This tax benefit will allow us to generate even more cash that will be directly redeployed here in Utah to grow our company and will provide opportunities for jobs and economic development in Utah. The Governor’s 10-year Strategic Energy Plan and State Energy Policy program will deliver tangible results for Utah.”
Petroteq said it intends to scale up its capacity at the Uintah County plant with several more high-capacity extraction units at its existing facility. Currently, Petroteq is in Phase 2 of its plant capacity expansion and expects to reach 1,000 barrels per day of oil extraction by the end of the year.