Phuel Oil Tools Limited, an Aberdeen, UK-based company that specializes in developing and manufacturing wireline pressure control equipment (PCE) for the oil & gas sector, recently secured a £1m loan from the Scottish Loan Fund, which is managed by Maven Capital Partners UK LLP.
The loan will help the company to realize its growth plans, access international markets and expand its operations.
Established in 2005 and led by Managing Director Colin McCracken, Phuel has developed innovative PCE technology which allows for safe and efficient access to an oil well when wireline intervention is required during production.
The technology has already been introduced into the Norwegian market and the business is now actively targeting increased sales in the key US and UK markets.
FinSMEs
26/10/2011