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ReGen III Signs USGC Site and Logistics Letter of Intent ("LOI") with Oiltanking
Vancouver, British Columbia--(Newsfile Corp. - July 5, 2021) - ReGen III Corp. (TSXV: GIII) (O...
About this update from Regen Iii Corp
[{"type":"text","content":"ReGen III Signs USGC Site and Logistics Letter of Intent (\"LOI\") with OiltankingVancouver, British Columbia--(Newsfile Corp. - July 5, 2021) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (\"ReGen III\" or the \"Company\") is pleased to announce it has entered into a non-binding LOI with Oiltanking North America, LLC (\"Oiltanking\") regarding ReGen III or its affiliate designing, constructing, owning, maintaining, and operating a used motor oil re-refinery production facility (the \"Re-Refinery\") at the Oiltanking Galveston County Terminal (\"OTGAL\") in Texas City, Texas. At OTGAL, Oiltanking handles specialty chemicals and petrochemicals with more than 87,000 cbm of storage capacity on over 200 acres providing ample room for expansion opportunities.The LOI outlines: Oiltanking developing storage tanks, loading and unloading pipelines, rail and marine loading and unloading facilities and other logistics assets (collectively, the \"OT Logistics Assets\"). Oiltanking will effectively design, construct, operate, and maintain the OT Logistics Assets to support the Re-Refinery;Oiltanking and ReGen III entering into a Terminal Services Agreement; andOiltanking and ReGen III entering a long-term ground lease for the Re-Refinery (the \"Ground Lease\").Concluding final Ground Lease and Terminal Services Agreements with Oiltanking will provide ReGen III with significant capital cost savings, while effectively outsourcing a large portion of the Company's terminal logistics operations. Working with a firm of Oiltanking's stature is yet one more example of the material steps ReGen III is taking to continuously de-risk and advance its U.S. Gulf Coast (\"USGC\") project.Contributing to a sustainable future and establishing a circular economy is a key pillar for Oiltanking and ReGen III. The ReGen III re-refinery facility will provide much needed domestic supplies of base oils recycled from used motor oil strengthening the circular economy. As one of the largest independent tank storage providers for gases, chemicals and petroleum products, worldwide, Oiltanking is successfully active in the engineering, procurement and construction (EPC) of tank terminals and therefore well equipped to support ReGen III with tailor-made infrastructure solutions. Earlier this year, ReGen III engaged Koch Project Solutions, LLC (\"KPS\") to provid...