Ivanhoe Energy, Inc. (NASDAQ: IVAN) today announced the appointment of Robert Friedland as the company’s executive chairman and chief executive officer, effective May 29, 2008. Ivanhoe faces upcoming corporate and management restructuring for the implementation of multiple, full scale, commercial Heavy-to-Light oil projects around the globe. Friedland’s new position designates him as responsible for corporate restructuring, finance and closing commercial transactions.
According to the press release, the major restructuring efforts are expected to increase Ivanhoe’s focus on developing heavy-oil assets centered on its proprietary HTL oil-upgrading technology.
“The successful conclusion of the HTL testing phase and the growing global focus on the utilization of heavy-oil reserves has resulted in numerous opportunities for the commercial application of HTL in Canada, South America, the Middle East, North Africa and elsewhere,” Friedland stated. “These significant opportunities require a corporate structure that will facilitate the implementation of HTL projects and maximize returns for Ivanhoe Energy.”
Plans for reorganization call for the establishment of geographically placed, self-funding entities; the new business units will be placed in Latin America, the Middle East and North Africa. As the parent company to these establishments, Ivanhoe will seek HTL opportunities in the Athabasca Oil Sands in Western Canada, maintaining control of the HTL technology.
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