ReGen III signed a letter of intent with Advario North America (“Advario” formerly known as Oiltanking North America) in July 2021 and is currently negotiating a site lease and terminal services agreement with Advario.

Subject to successful negotiation of the site lease and terminal services agreement, it is ReGen III’s intention to locate its Texas project on Advario’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 has completed FEL-2 and Value Engineering as part of the Front End Engineering and Design (“FEED”) phase, and is projecting the Texas Facility will be commissioned 24-30 months following the Final Investment Decision (“FID”).