NOL signs up for Russian fuel-saving technology

Russian-led high-tech company Neftech is offering shipping companies the possibility of saving 10% or more on their fuel bill with its breakthrough cavitation technology. It has signed an agreement for Neptune Orient Lines (NOL) unit APL to make use of the new technology on 20 of the latter’s ships. The agreement was signed between Neftech Chairman Victor Levin and NOL Chairman Cheng Wai Keung. Neftech will bear the cost of installation, with payment terms to be in the form of fuel savings and carbon credits, if any, to be shared with APL in an agreed ratio based on proven and documented cost savings. (September 17, 2009)