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CORRE Forms Operating Partnership for Saudi Arabia

Source: 2/6/2012, Location: Middle East

Canadian Oil Recovery and Remediation Enterprises Ltd. 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.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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