The strategic partnership intends to pursue commercial operations in oil recovery, soil remediation, sludge treatment, waste management, oil storage and oil tankers tank cleaning, water treatment, and treatment of drill cuttings in the Middle East and North Africa regions (MENA).
The operating partnership will be operated through a private company based in the Jebel Ali Free Zone in Dubai, UAE, to be named SAR-Canadian Oil Recovery & Remediation Enterprises MENA (SCM). The ownership structure of SCM will be allocated as to 45% to CORRE, 45% to SAR and 10% to a private company controlled by the agents of CORRE in the Gulf region.
The management of CORRE achieved this as part of its new business model designed to leverage operating partnerships while expanding the company’s line of oil services and business. This diversification, especially in waste management services, will enable SCM to access this fast-growing and essential service market.
John Lorenzo, CEO of CORRE, said: “SAR’s long and successful track record and operational experience in the North Sea, and most recently in India, with multi-national oil, gas and oil service companies such as StatOil, Exxon Mobil, BP and Halliburton will definitely add the appropriate depth to our execution capabilities in the MENA market where CORRE’s management has well-established alliances with major oil service providers such as CANAR and IMCO.”
