Northern Technologies International Corporation Announces Oil & Gas Contract With BP Exploration (Caspian Sea) Limited

About this update from Northern Technologies International Corporation

[{"type":"text","content":"NTIC to supply chemical corrosion protection services for 12 BP storage tanks under initial contract\nMINNEAPOLIS, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today announced it has signed an initial contract with BP Exploration (Caspian Sea) Limited p.l.c. (“BP”), to supply chemical corrosion protection services for 12 BP storage tanks through December 2025. “Given that we’ve already had the privilege of installing our proprietary ZERUST Vapor Corrosion Inhibitor (“VCI”) based solutions on BP’s storage tanks over the last few years, BP continues to be an important client of ours in the countries of Georgia, Azerbaijan and Turkey. Naturally, I’m very happy to see that our previous work built up enough trust and goodwill, that we’ve been awarded a new contract by BP Exploration (Caspian Sea) to protect multiple additional storage tanks over the next three years. This new contract is the single largest we’ve ever received for our ZERUST oil and gas storage tank solutions to date and is reflective of the increased acceptance of our technology among the major players in the oil and gas industry. We also expect to see further increases in installations around the world, thanks to a very favorable 2021 API-655 technical report, as well as the 2022 PRCI report validating our technology, our global engineering support teams, and our extensive experience serving global oil and gas customers. We look forward to continuing and expanding our partnership with BP in the future,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC. An official spokesperson of BP Exploration (Caspian Sea) stated, “We’ve had the ZERUST VCI solution installed on storage tanks over the past few years and were impressed with both the efficacy of the technology and the professionalism of the installation crew. We’ve tested other approaches, but ZERUST offered a compelling value proposition that was factored into our decision to award this multi-year, multi-tank contract. We look forward to working closely with the ZERUST team on preservation opportunities.” About Northern Technologies International Corporation Northern Technologies International Corporation develops ...

More updates from Northern Technologies International Corporation