Canadian Oil Recovery & Remediation Enterprises Ltd. (CVR.V) said Thursday that along with Norwegian hazardous waste management company SAR AS, it has signed a binding agreement with the National Cleaning Company, or NCC, of Kuwait to become prime bidders for the cleanup of the Kuwait Oil Lakes.
Canadian Oil Recovery, or CORRE, said the deal will primarily provide SAR-CORRE MENA with the immediate opportunity to test and validate its ARES I facility for the efficient and economic recovery of oil and remediation of the Kuwait Oil Lakes.
The company noted that ARES I facility is presently in Kuwait and ready for deployment to the NCC oil waste management site in the Shuaiba Industrial Area of Southern Kuwait, which meant for the treatment of sludge from the Kuwait Oil Lakes and local oil storage tanks, as well as the remediation of oil-contaminated soil.
CORRE said testing and customization of the ARES I facility to treat oil-contaminated materials under local conditions provides SAR-CORRE MENA, or SCM, with a strong competitive advantage throughout the upcoming tendering for US $3.65 billion worth of projects over the next decade.
As previously announced, the Kuwait Oil company will be releasing the first grouping of up to five Kuwait oil lakes tenders of US $50 to $100 million each starting next year. The SCM agreement with NCC further provides for a strategic operating partnership, formed with 51% of the ownership allocated to NCC and 49% to SCM, exclusively for the Kuwait Oil Lakes projects.
John Lorenzo, Chief Executive Officer and Chairman of CORRE, stated, "The two strategic agreements we announced this month, first with SAR and now with NCC, mark the achievement of two major milestones set by management for our operations following our financial transaction with NAT and in preparation for our business and financial plan to be released in March 2010."
CORRE added that mobilization and commissioning of the ARES I facility on the NCC property will begin in the first week of January, 2010.
CVR.V last traded at C$0.10 per share on the Toronto Stock Exchange.
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