CORRE Forms Strategic Operating Partnership for Saudi Arabia
07 February 2012 - 4:58AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to
announce that the Company has entered into an exclusive operating
partnership for Saudi Arabia with a leading company in the local
industrial and oil and gas sector called Petroleum, Chemicals and
Mining Company Limited ("PCMC").
PCMC, founded in 1994 as a division of the Saudi Binladin Group
("SBG") and now an independent Saudi corporation wholly-owned by
SBG, has been undertaking some of the most prestigious projects in
the Kingdom of Saudi Arabia. Their services include engineering,
procurement, construction, commissioning and start up services
across several key industries including petrochemical plants, oil
refineries, renewable energy, mining, and power generation and
distribution. Their clients include Saudi Aramco, SABIC, and the
Saudi Arabian Ministry of Water & Electricity. PCMC is able to
leverage the financial strength, operating assets and decades of
contracting experience of its parent company, one of the largest
construction companies in the Middle East.
This operating partnership ("Saudi Co.") will be operated
through a newly-formed limited liability company established in
Saudi Arabia. CORRE through its existing SAR-CORRE MENA ("SCM")
partnership will hold a 65% equity stake and PCMC will hold
35%.
Saudi Co. will bring together the collective strengths of PCMC
and SCM into one company to provide the Saudi Arabian market with
comprehensive oil waste management and remediation services for the
petroleum and petrochemical industries. Saudi Co. will benefit from
well qualified and experienced international senior technical and
project management personnel, as well local Saudi engineers and
technicians trained through operating facilities and projects
currently undertaken by SCM in other markets. The services Saudi
Co. will provide for Saudi Arabia includes:
-- Soil remediation and rehabilitation of oil contaminated soil
-- Oily sludge, slop oil and drill cuttings treatment
-- Oil recovery
-- Oil storage tank and tanker de-sludging and cleaning
-- Water treatment
-- Industrial and hazardous waste management
As part of the synergy of PCMC and SCM joining together in Saudi
Arabia, PCMC will provide, among other things, all administrative
and logistical functions for Saudi Co. including all customer
marketing and sales support services. This will include the
following:
-- Initiating new customer contacts on behalf of Saudi Co.
-- Assisting Saudi Co. in developing proposals and presentations
-- Customer follow-up and contract negotiations
-- Provision of local logistics, including site services and manpower
required by Saudi Co. for executing awarded contracts
-- Assistance with local project financing
"This partnership marks the accomplishment of another key
milestone in our business development in the Kingdom of Saudi
Arabia and the MENA region," commented John Lorenzo, CORRE's CEO.
"This partnership further lays a strong foundation upon which we
are building a solid business with PCMC's Saudi petrochemical
customers and Saudi Aramco. We thank our major shareholder for
making this partnership a reality."
For additional information about PCMC, please visit CORRE's
website (www.corre.com) and refer to the tab for "Strategic
Operating Partnerships".
Saudi Co. is subject to final board approval of SCM and PCMC, as
well as the completion of a definitive shareholders agreement
reflecting the agreed upon terms.
About CORRE
CORRE (www.corre.com) is a Canadian-based clean technology
company that provides innovative and complete oil waste management
and environmental solutions to its customers. CORRE's operating
lines include remediating oil-contaminated soil; treating sludge,
oil based muds and drilling waste; oil recovery; automated oil
storage tank cleaning; oil and gas engineering, and project
management. CORRE provides its services through its owned and
operated Advanced Recovery Equipment Systems ("ARES") and through
strategic operating partnerships. ARES is a platform of services
and operating equipment facilities based on proven technologies and
innovative operating processes. CORRE's customers are primarily in
the upstream petroleum sector (oil production and drilling
companies) and downstream petroleum sector (oil refinery,
transportation and distribution companies).
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are based on
the opinions and estimates of management at the date the statements
are made, and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. Except as required by applicable securities
requirements, the Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
Contacts: CORRE LTD. Alex Gress CFO 416-368-4027agress@corre.com
CORRE LTD. Lindsay Cross 416-368-3050lcross@corre.com KCSA
Strategic Communications Todd Fromer / Phil Carlson 212-896-1215 /
1233Corre@kcsa.com
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