Gen III provides update on re-refinery facility for U.S. Gulf Coast
Gen III Oil Corporation announced that it has received the first draft of a definitive agreement from a super major (SM) for the offtake of all its base oil production from the company’s recently announced re-refinery facility in the U.S. Gulf Coast. Gen III Oil said it will be reviewing and working towards finalizing the definitive agreement in the coming weeks. Work to identify a suitable re-refinery site in the U.S. Gulf Coast region is also ongoing and the SM continues to provide input and support in this area.
To assist the company with its review of the definitive agreement, Gen III has engaged the firm of Latham & Watkins LLP.. Latham is an international law firm founded in 1934, that currently employs approximately 3,000 attorneys in the United States, Europe, the Middle East and Asia. Latham has considerable experience in the energy, renewables, industrials, infrastructure and technology sectors.
According to a used motor oils life-cycle assessment study conducted on behalf of the BC Used Oil Management Association, re-refining used lubricating oils reduces CO2e emissions by 2.47 kgs/litre, versus burning or disposal. Based on this formula, Gen III’s 2,800 barrel per day (bpd) Alberta and 5,600 bpd U.S. Gulf Coast projects represent a combined CO2e emissions reduction of more than 1 million tonnes per annum. This is the equivalent of removing 233,000 cars from the road each year, according to the U.S. Environmental Protection Agency (EPA). Furthermore, “…the carbon footprint of re-refined base oils is 81% lower than virgin-stock derived base oils that are not re-refined,” according to a 2013 sustainable chemicals report published by The American Chemical Society.
The SM is also helping Gen III identify blue and green hydrogen sources in the U.S. Gulf Coast. Gen III has begun discussions with two sources of blue and green hydrogen and carbon sequestration in Alberta. Sourcing cleaner hydrogen will further reduce Gen III’s GHG footprint.
About Gen III Oil
Gen III is a cleantech company that is building sustainable green projects with compelling economics, without relying on government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil (UMO) re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information, visit www.geniiiesg.com.