Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gen III Oil Corporation is partering with Koch Project Solutions on its new facility on the U.S. Gulf Coast
  • Koch Project Solutions will provide project execution management services leading up to turnkey delivery of the facility
  • Koch will lead Gen III’s teams through the completion of detailed design, construction, commissioning, and start-up
  • The Gulf Coast refinery is one of three North American projects currently being advanced by Gen III Oil
  • Gen III Oils is up 20 per cent on the day, with shares of the company trading at C$0.96 at 11:34 am ET

Gen III Oil Corporation is partering with Koch Project Solutions on its new facility 0n the U.S. Gulf Coast.

Koch Project Solutions will lead Gen III’s engineering, construction and licensed vendor teams through the completion of detailed design, construction, commissioning, and start-up.

The Gulf Coast refinery is one of three North American projects currently being advanced by Gen III Oil.

KPS intends to wrap all elements of project delivery under its leadership, providing a single point of responsibility for engineering, construction, commissioning and start-up.

The first phase of the engagement is currently under way.

Gen III Oil’s facility will clean and process over 78 million US gallons of used lubricating oil every year. By providing an additional 5,600 barrels per day of re-refining capacity to the North American marketplace, the company’s facility will result in the elimination of over 725,000 tonnes of CO2 equivalent emissions every year versus current burning and disposal methods.

That equates to greenhouse gas emissions from over 156,000 vehicles; or the CO2 emissions from over 122,000 average households’ electrical use in one year; or the carbon sequestered by 12 million tree seedlings grown for ten years, according to the U.S. Environmental Protection Agency.

“We look forward to drawing on the extensive resources and experience of Koch Project Solutions, a subsidiary of Koch Engineered Solutions, to maximize the efficiency and value of our projects. We are excited that the Koch Engineered Solutions family of companies are using their considerable resources to advance Gen III’s disruptive renewables business. We look forward to working together to drive change in the way used motor oils are cleaned and re-processed into high grade Group II+ and Group III based lubricants that meet today’s transportation sector needs and reduce vehicle emissions,” said Gen III Oils President Gord Driedger.

Gen III is a clean-tech company that is building sustainable green projects with compelling economics, without relying on government subsidies.

Gen III Oils is up 20 per cent on the day, with shares of the company trading at C$0.96 at 11:34 am ET.

More From The Market Herald

" Tethys Petroleum (TSXV:TPL) subsidiary approved for pilot production program

Tethys Petroleum Ltd. (TPL) subsidiary Kul-Bas LLP has obtained approvals to operate under the pilot license program at its Kul-Bas field in Kazakhstan.

" International Frontier Resources (TWSV:IRF) extends LOI with private oil and gas company

International Frontier Resources (IRF) has signed an extension to a non-binding LOI with a private oil and gas company.

" Wilton Resources (TSXV:WIL) announces private placement

Wilton Resources (WIL) has announced plans for a private placement for gross proceeds of a minimum of $252,000.

" InPlay Oil Corp. (TSX:IPO) completes $11.5 million bought deal financing

InPlay Oil Corp (IPO) has closed its bought deal public offering for gross proceeds of approximately $11.5 million.