The firm signed a letter of intent with Oiltanking North America (“Oiltanking”) in July, 2021 and is currently negotiating a site lease and terminal services agreement with Oiltanking.

Subject to successful negotiation of the site lease and terminal services agreement, it is the company’s intention to locate its US Gulf Coast project on Oiltanking’s brownfield terminal site in Texas City, thereby taking advantage of the extensive storage and logistics infrastructure already in place.

The project will process 5,600 bpd of UMO into Group III and Group II+ base oils and other products.

ReGen III is currently moving through the Front End Engineering and Design phase and is projecting the Texas Facility will be operational and running at full capacity 18 months after the requisite financing is obtained.