Cassandra Oil (CSSOF)

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"Cassandra Oil starts its first processing plant"

Published on 2013-06-10 10:10:00


CASO.ST
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Swedish oil technique Cassandra Oil's work with initial test run of the first processing plant, which is the model CASO 600, is progressing according to plan. According to a press release.

In parallel with the test drive and tuning of the first processing plant underway manufacture of the next series, which includes three processing plants.

Installation of the first processing plant for commercial operation planned to take place in Spain, where Cassandra Oil is negotiating a partnership with one of Spain's largest waste management companies. The hearing aims to Cassandra Oil to establish themselves on sanitation company site and process waste plastic and tires.

Cassandra Oil and Sevens Star, who is Cassandra Oil's partner in Turkey and the United Arab Emirates, planning for the launch of the second processing plant in Turkey, primarily for the processing of tires. Cooperation is managed by the partners' joint company CGS Energy (Cassandra Green Star Energy) , who ordered a reactor which is paid by current advances provided by Sevens Star. In addition to previously paid advances of about 7.3 million Sevens Star has now paid further around 4.25 million kronor in accordance with their agreed financial plan.

As previously reported for Cassandra Oil negotiations with the Iraqi Oil Ministry on the establishment in Iraq to litigate oljesludge and waste oil.

Cassandra Oil for even parallel negotiations with a financial institution to finance the project. Cassandra Oil and the financial institution has now entered into an agreement whereby the parties form a joint venture for the project. Cassandra Oil's partner, who is in the oil business and has been based in Dubai, providing the joint venture debt financing for the first investment phase concerning establishment of five processing plants. Loan amounts to 30 million Euros and is paid out to the joint venture in a week after signing the contract with the Iraqi Oil Ministry.

Cassandra Oil leaves no collateral for the loan. With this financial partner in assessing Cassandra Oil that conditions are favorable for the agreement with the Iraqi Ministry of Oil to be signed shortly.

"Most of it is pointing in the right direction right now and we feel very confident. Efforts with initial test run of the process plant is laborious but keeps going in the right direction., in Spain we are offered an ideal production site with all necessary infrastructure in place in us very favorable terms. Along with Sevens Star, we can establish ourselves in Turkey and the intention is to then continue working in Abu Dhabi and also in other parts of the Middle East.

Through the contract structure and financial solution we plan for the establishment in Iraq, we limit our risk on a good manner while maintaining the financial potential. If the collaboration works as intended, we will be able to expand substantially in Iraq. same is true in Venezuela, where PDVSA said they found no other technology that matches ours.

Besides these plans, we notice that our technology is attracting increasing interest internationally, not least because of China's environmental initiative "Operation Green Fence", which means that China intends to restrict the importation of waste because of the environmental problems it creates. China imports colossal amounts of waste, including plastics, and this must now go elsewhere. This opens great opportunities for us, "said Cassandra Oil's founder Anders Olsson.

http://www.va.se/nyheter/cassandra-oil-testkor-sin-forsta-processanlaggning-511015