CII International Holding to acquire Canadian Oil Recovery and Remediation
MONTREAL, QUE-C Level II International Holding (CII) has signed a letter of agreement through which it will acquire Canadian Oil Recovery and Remediation Enterprises (CORRE) for a total purchase price of $17.1 million. CORRE is a private Toronto-based company that buys, develops and commercializes oil recovery and remediation technologies. It is fully licensed to use two innovative oil recovery and remediation technologies that work in tandem to fully rehabilitate oil-contaminated sites while simultaneously recovering the oil. The APEX technology uses proprietary, patented chemicals to treat and upgrade sludge and other oily wastes that accumulate in sludge pits during the cleaning of oil storage tanks. It is particularly effective in treating oily wastes with a relatively higher hydrocarbon content. The second, OS, technology uses hydrogen peroxide to separate oil from sand and is most suitable for the remediation of oil-contaminated sites or substrata with a lower hydrocarbon content. CORRE expects to apply these technologies initially to help clean up oil lakes in the Middle East, notably Kuwait, where more than 300 oil lakes created during the Gulf War await rehabilitation. Over the past 15 years, the United Nations has collected approximately $16.5 billion dollars from Iraq to compensate Kuwait for the environmental damages it suffered in the Gulf War from the explosion of the oil wells by Iraq. The other major market for CORRE's services in this region is the rehabilitation of the sludge pits in Kuwait and the Gulf states of Bahrain, the United Arab Emirates, Qatar, Oman and Saudi Arabia.