Authentix(R) Awarded Largest Fuel Adulterant Marking Contract in History
Wednesday December 13, 8:05 am ET
Government of India Using Authentix Nanotechnology-Based Solution to Prevent Subsidy Abuse and Recover Fiscal Taxes
DALLAS--(BUSINESS WIRE)--Authentix, Inc.®, today announced that it has been awarded a contract for marking fuel adulterants by India's Ministry of Petroleum and Natural Gas.
India subsidizes the price of kerosene for the nation's poor to use for cooking and heating. Unfortunately, a significant portion of this low priced product is stolen and diverted for use in auto fuels. It is estimated that annual losses due to kerosene diversion are as high as US$5B.
"Adulteration of transportation fuels is a social menace that we are all familiar with within the oil industry," said Shri Murli Deora, Union Minister for Petroleum and Natural Gas, Government of India during a news conference where the fuel adulterant marking program was unveiled. "We are committed to fight the forces that adulterate petroleum products. This step is not only aimed at checking adulteration but is also meant to ensure that under privileged sections of the society get their due quantity of heavily subsidized kerosene for cooking and other purposes."
Authentix marking technology is added to potential adulterants at the parts per billion level. If the markers are detected it means the fuel has been adulterated. "Authentix technology was selected because our nanotechnology-based markers cannot be removed and the Authentix proprietary test method can detect even trace amounts of adulterant in the fuel," said Lal Pearce, Vice President, Oil and Gas, Authentix. "The test can be quickly done in the field and give instant positive indication of fraudulent activity."
SGS, the world's largest inspection and certification company and a global partner of Authentix, will provide regular fuel sampling at 32,000 retail outlets.
This program underscores Authentix' Social Capitalist ethic of contributing to society through its business practices. Operating globally over 5 continents, Authentix assists governments by recovering tax revenues and securing their currencies, while also protecting the world's leading brands.
Source: Authentix, Inc.
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