Green EnviroTech process meets refinery specifications

qiangzi

Thursday, May 10, 2012

Riverbank, CA - Green EnviroTech Holdings announced that its recycled tire and plastic to oil samples surpassed all of the required specifications and qualifications required by refineries enabling the oil produced to be sold commercially as crude oil. The last round of tests confirmed that with the installation of the additional equipment that the samples were processed through, the oil was well within the limits set by refineries in order for them to purchase the oil. CEO Gary M. De Laurentiis stated, “We’ve been working with the tire and plastic conversion equipment manufacturer over the last 12 months processing several types of rubber and plastic materials and sampling the oil produced directly from the process. In addition, we have been working with two equipment manufacturing companies that specialize in equipment for the oil industry that removes certain elements from the crude that are unacceptable to the refineries. After many trials we were able to get the oil to the required specification using the additional equipment. GETH utilized Intertek, a global testing lab who also works directly with the oil industry, and another lab, Cempro, to test samples over the past six months. The results of the recent testing were very positive. This is a huge leap forward for GETH and our tire and plastic to oil project with Ebbros Energy Partners. The final step is to have the refinery retest and reconfirm the earlier findings so that an agreement to purchase the oil through Ebbros can be negotiated. Both Ebbros and GETH have been working with a major refinery to test the oil at their lab in CA.” In July of 2011, Green EnviroTech Holdings Corp. signed a non-binding letter of intent (LOI) with Ebbros I Investment Group (Ebbros Energy Partners, LLC), of Kansas City, MO. The LOI contemplates that Ebbros will develop the tire and plastic to oil plants, including all infrastructures, install all necessary equipment, and lease the same back to GETH. Ebbros will also purchase all oil produced at the plants, which is estimated to be in the region of 10,700 barrels per month at each site. The LOI further contemplates that the lease-back agreement is to be for a period of ten years or longer with GETH having a buy back clause during this period for the purchase of the physical site and equipment. Ebbros has also indicated its intention to work with GETH on a similar basis for all future tire and plastic to oil processing plants.