CORRE Provides Update on Contract Bidding in Kuwait
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 07/18/11 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is providing an update on the Company's bidding progress for three soil remediation and oil recovery projects with a total expected value of $210 million tendered by the Kuwait Oil Company ("KOC") during early April 2011. CORRE is bidding through its SAR-CORRE MENA ("SCM") operating partnership established with SAR AS, a leading Norwegian oil waste management operating company.
The Company is pleased to report that, per the requirements of the tender, it has completed its portion of the financial arrangements with the National Bank of Kuwait to issue three bid bonds for each of the tendered contracts for a total value of $4.5 million in equivalent Kuwaiti Dinar. SAR AS, on behalf of the SCM operating partnership, will submit the bid bonds for the three completed tenders for soil remediation and oil recovery projects in Lots A, B, and C in South East Kuwait. The final submission date was postponed from June 28th until August 2nd.
The released tenders are precursor contracts to larger soil remediation and oil recovery contracts with aggregate values estimated to be in excess of US$3 billion for the clean-up of the Kuwait Oil Lakes, left as the result of the retreating Iraqi army in 1991. As previously announced, SCM, through SAR AS, is part of a select group of companies that have recently been pre-qualified by the KOC as contractors approved to bid on extensive soil remediation contracts, as well as other contracted services which include treatment of drill cuttings and waste management, to be released by the KOC.
About CORRE
CORRE () is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. CORRE's operating lines include remediating oil-contaminated soil; treating sludge, oil based muds and drilling waste; oil recovery; automated oil storage tank cleaning; oil and gas engineering, and project management. CORRE provides its services through its owned and operated Advanced Recovery Equipment Systems ("ARES") and through strategic operating partnerships. ARES is a platform of services and operating equipment facilities based on proven technologies and innovative operating processes. CORRE's customers are primarily in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies).
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contacts:
CORRE LTD.
Alex Gress
CFO
416-368-4027
CORRE LTD.
Lindsay Cross
416-368-3050
KCSA Strategic Communications
Todd Fromer
212-896-1215
KCSA Strategic Communications
Phil Carlson
212-896-1233
KCSA Strategic Communications
Adam Pollack
212-896-1232
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Unternehmensinformation / Kurzprofil:
Datum: 18.07.2011 - 18:35 Uhr
Sprache: Deutsch
News-ID 35514
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Oil & Gas
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