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Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits, announced today that it has joined the American Petroleum Institute (API). The API is the only national trade association representing all facets of the oil and natural gas industry, promoting safety across the industry globally and influencing public policy in support of a strong, viable oil and natural gas industry.

“We are very pleased to join the oil and gas industry leaders of API,” said Alex Blyumkin, CEO of the company. “API has led the development of operating standards for our industry, and we look forward to contributing our experience with oilfield technologies in addition to introducing our PetroBLOQ platform to its members throughout the supply chain.”

“We welcome Petroteq Energy to the API community,” said Lisa Salley, vice president of global industry services at API. “We note that Petroteq has been focused on using environmentally safe processing technologies, and we’re interested to see how PetroBLOQ can help companies manage an increasingly global and complex supply chain.”

“PetroBLOQ is looking forward to leveraging our collective experience in the oil and gas industry and with blockchain technology to help solve the inherent difficulties and complexities up and down the industry, said Greg Rubin, CEO of First Bitcoin Capital Corp. and an advisory board member of PetroBLOQ. “We’re eager to partner with API to introduce industry-wide education and certification programs as we demonstrate the value of blockchain-based applications to create transactional and operational efficiencies for all industry participants.”

Petroteq has launched a new website dedicated to the joint venture (www.petrobloq.com) where problems facing the oil and gas industry are outlined and corresponding solutions will be offered. PetroBloq will be the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector, with a goal of providing each of the individual companies involved with cost and time savings, increased transparency, and the ability to effectively mitigate the risk of fraud and disputes amid the constantly evolving geopolitical atmosphere and subsequent market fluctuations.