ROBIX RECEIVES USD$50M EXPANDABLE CONTRACT FROM PEMEX FOR MULTIPLE P140 OIL RECOVERY PLATFORMS
Robix Environmental Technologies Inc. (RZX.C) has been notified of a primary service agreement (master agreement) that has been finalized and entered into for supply of equipment and services to Petroleos Mexicanos (Pemex) to provide multiple P Series oil recovery platforms to Pemex oil production facilities located in Mexico. The multiyear lease agreement will incorporate equipment and technology supply by Robix to Eco-Integra S.A. de C.V. ("Eco-Integra") which is the Master agreement holder created for this specific equipment supply and operatorship. The Master agreement has a present value of a minimum of USD$50M and incorporates the leasing of multiple P140 units initially, with transaction instruments to increase the order size to a maximum of $250M. Robix will lease these P140 units through its wholly owned Mexican subsidiary Corris Technologies Mexico S.A. de C.V. ("Corris"). Under the lease agreement, Robix will build and own the P140 units and Eco-Integra will operate and maintain the unit at Pemex facilities. The contracted service will be paid monthly for an initial term of 5 years.
"We first announced an agreement to lease one P140 unit on June 11, 2016, through our in country partner Petrolmeca," commented Nathan Hansen, President and CEO of Robix. "Together with Petrolmeca we had identified at least 14 Pemex locations where the P Series could be deployed. Following our initial discussions Petrolmeca led the advanced negotiations with Pemex on behalf of Robix, Corris and other partners, to provide a more company-wide oil recovery platform that would contribute to the bottom line at production facilities, thereby increasing oil recovery rates, eliminating costly settling ponds and reducing environmental hazards. The result of the company-wide marketing efforts has been the engagement of Eco-Integra as the primary contractor, with Robix as the provider of technology and equipment to Eco-Integra."
The P Series uses patented drum technology to siphon oil from the surface of the settling ponds within oil production facilities. The recovered oil is recirculated within the customer's facility. The Company's P140 model has an oil recovery rate of 140 m3/hr.
Hansen continued, "We now have to focus on delivering the product and meeting product quality specifications of the customer. Having Rayco Steel as our contract manufacturer gives me confidence that we can deliver quality products. Rayco is a seasoned manufacturer with state-of-the-art facilities and was instrumental in designing the P Series product line. They have been supplying mines and industry with quality steel fabrication and QC work since 1980."