(MENAFN- PR Newswire)
PLANO, Texas, Aug. 5, 2022 /PRNewswire/ -- United Energy (OTCMKTS: UNRG) -- United Energy Corporation today announced 100% acquisition of Integrity Terminals, LLC., adding to UNRG's previous minority ownership stake of 12%. According to Brian Guinn, UNRG CEO, 'As a wholly owned subsidiary of UNRG, full ownership and operational control enables UNRG to implement aggressive plans for the project's completion while increasing shareholder value. Profitability. Responsibility. Sustainability. These are the hallmarks of our corporate mission.'
UNRG has also acquired the option to purchase a total of 686 acres of land located in Iberville Parish, Louisiana. The land's purchase is subject to due diligence studies and permitting approvals prior to closing on the property.
UNRG engages EXCEL Midstream Solutions, Houston, Texas as its strategic design, permitting, and engineering partner.
Integrity Terminals is a planned greenfield facility and sophisticated bulk storage import/export project strategically located in Louisiana's Gulf Coastal area along the Mississippi River. This corridor connects U.S. oil and gas suppliers with domestic and international markets. The world-class and technologically advanced, multi-functional facility will store, blend, and distribute petroleum products, crude oil, biofuel, green energy, and non-petroleum compounds. Phase 1 will focus on rail storage and transport. Phases 2 and 3 will incorporate deep-water and barge access, bulk storage, and more complex rail rack and rail storage systems.
This ambitious project will reduce dependence on foreign sources and interrupted supply chains. Leveraging connectivity to key refineries, pipelines, and the country's network of highways, integrated terminals provide logistical and wholesale oil and gas distribution solutions. The terminal will embrace eco-friendly, LEED® certified building practices, relying heavily on carbon capture and vapor recovery technologies (with the goal of carbon neutrality), contributing to a cleaner, healthier environment.
In conjunction with the acquisition, UNRG also announces it has engaged EXCEL Midstream Solutions, Inc. of Houston, Texas as its strategic design, permitting, and engineering partner. EXCEL provides premier civil, structural, mechanical, fabrication, electrical and instrumentation engineering, construction, and maintenance services. Their dedication to safety, stellar quality, and highly skilled professionals sets them apart in the industry. EXCEL's current roster of exclusive partnerships represents a critical service providing affordable fuels and power along with significant sustainability and carbon reductions. EXCEL has commenced the initial due diligence, engineering, facilities design, and permitting efforts, estimating that construction for Phase 1 can begin as early as Q3/Q4 2023 and Q1/Q2 2024 for Phases 2 and 3.
Media Contact: Kimberly Stillwagon214-901-5453
Investor Contact: Brian Guinn[email protected] 469-209-5829
SOURCE United Energy Corporation
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