OIL

KBO to close out oil spill deal

Kimberley Oil NL (KBO) has issued 2,000,000 shares to the former shareholders of Skylab International Ltd to close out the purchase of the 'Kalocsai Oil Spill Remediation Process' together with associated patents and patent rights.

The company now has full rights to this process and intends to recommence research and development work with a view to commercialising the process, according to KBO.

The process involves the addition of two chemicals to oil that causes it to solidify into an inert solid. Company officials said the process, when fully developed, is less damaging to the environment than conventional dispersants such as detergents.

There are also potential applications for treating oil-bearing industrial wastewater streams and ballast water from oil tankers, the company added.

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