Canadian Oil Recovery and Remediation Enterprises (CORRE) has joined forces with Petroleum, Chemicals and Mining (PCM), a company based in Saudi Arabia, to provide the local Middle Eastern market with oil waste management and remediation services.
These services will include oil storage tank and tanker de-sludging and cleaning, as well as industrial and hazardous waste management and oil recovery.
PCM will provide administrative and logistical functions, including all customer marketing and sales support services.
Under the joint venture, which is to be called Saudi Co, CORRE will hold a 65% stake and PCM a 35% share.
‘”This partnership marks the accomplishment of another key milestone in our business development in the Kingdom of Saudi Arabia and the MENA region,’ says John Lorenzo, CORRE’s CEO. ‘This partnership further lays a strong foundation upon which we are building a solid business with PCMC’s Saudi petrochemical customers and Saudi Aramco. We thank our major shareholder for making this partnership a reality.’