Petrox Resources Corp. Inks Non-Binding Term Sheet for Natural Gas Supply with International Energy (HK) Group Limited
Petrox Resources Corp., a Canadian oil and gas company listed on the TSX Venture Exchange, has announced a non-binding term sheet with International Energy (HK) Group Limited for the supply of natural gas to on-site power generation in Alberta and Saskatchewan.
The deal would involve Petrox supplying natural gas from its own properties or purchasing it from third-party suppliers. The gas would be used to fuel gas-fired power generation equipment owned and operated by IEHK, which would then use the electricity generated to power computing and digital asset mining equipment.
Petrox's role in the arrangement would be to originate, evaluate, and negotiate sites for natural gas extraction, as well as obtain necessary licenses and approvals. IEHK would supply, fund, own, install, and operate the power generation equipment.