Houston companies sign waste oil agreement
Planet Resource Recovery Inc., a developer of environmentally friendly products for remediation and recovery of waste oil, has signed an agreement with Cedar Marine Terminals, a subsidiary of Vertex Energy LP.
Under terms of the agreement, the Houston-based companies will develop treatment protocols for the use of Planet Resource Recovery’s PetroLuxus products in processing waste oil to enhance its quality by reducing undesirable metals and additive residuals.
The companies say the process will result in higher quality re-refined fuels and feedstocks and reduced processing and production costs.
Development will be done at Cedar Marine Terminals’ 19 acre facility in Baytown next to the Houston Ship Channel.
Cedar Marine is a supplier and distributor of agricultural and petrochemical products and provides truck and barge operations for petroleum products and biofuels in the Houston market.
Based on estimated projections, Cedar Marine Terminals is anticipated to initially use up to 2,000 gallons of PetroLuxus products per month, translating into monthly revenue to Planet Resource of $60,000 quickpayday loan.
The recovery of one gallon of used oil will produce 2.5 quarts of high quality lube oil and two gallons of recovered oil, which can be used to power a generator to produce enough electricity to heat an average home for 24 hours.
The U.S. generates an estimated 1.3 billion gallons of used motor oil annually, of which only 380 million gallons are re-refined.
Vertex Energy LP recovers and recycles waste oil for multiple markets.
Planet Resource Recovery (PinkSheets: PRRY) this week was added to the portfolio of stocks followed by Market-Pulse.com, which focuses on small and micro-cap businesses.
Market Pulse said it believes Planet Recovery “is poised to become a significant player in the petrochemical/oil services industry.”
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