Business
Gen III and Koch Project Solutions Announce Partnership Engagement
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - Gen III Oil Corporation (TSXV...
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[{"type":"text","content":"Gen III and Koch Project Solutions Announce Partnership EngagementVancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - Gen III Oil Corporation (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN41) (\"Gen III\" or the \"Company\") is pleased to announce it has engaged Koch Project Solutions, LLC (\"KPS\") to provide project execution management services leading up to turnkey delivery of its new facility in the U.S. Gulf Coast (\"USGC\"). KPS will lead Gen III's world class engineering, construction and licensed vendor teams (PCL Industrial Construction Ltd., Koch Modular Process Systems and Process Dynamics Inc.) through the completion of detailed design, construction, commissioning, and start-up. The USGC re-refinery is one of three North American projects currently being advanced by Gen III. Robust engineering and blue-chip project execution for Gen III's innovative re-refineries will be paramount to our success. KPS intends to wrap all elements of project delivery under its leadership providing Gen III with a single point of responsibility for engineering, construction, commissioning and start-up. The first phase of the KPS engagement is under way and we look forward to fast tracking project execution with KPS leading our team.There are over 1.6 billion gallons of used lubricating oils generated in North America every year, of which only 1.1 billion gallons are collected. Half of the collected oils are burned as plant fuels and the remaining oil is more likely to end up in illegal disposal methods. The DOE has emphasized to Congress there needs to be a systemic change in how this toxic waste is handled:https://www.energy.gov/sites/prod/files/2020/12/f81/Used%20Oil%20Management%20and%20Beneficial%20Reuse%20Options%20to%20Address%20Section%201.%20E....pdfGen III's USGC facility will clean and process over 78 million US gallons of used lubricating oils per year. By providing an additional 5,600 barrels per day of re-refining capacity to the North American marketplace, Gen III's USGC facility will result in the elimination of over 725,000 tonnes of CO2 equivalent emissions every year versus current burning and disposal methods. According to the EPA, this equates to: The greenhouse gas emissions from over 156,000 vehicles; orThe CO2 emissions from over 122,000 average households' electrical use in one year; or The carbon sequestered ...