HOUSTON, April 22, 2022 (GLOBE NEWSWIRE) -- Petróleos Internacionales del Caribe ("PIC") and its operating division in Mexico Petróleos Internacionales del Caribe Inc., Sucursal México ("PICMEX") and SeaOne Holdings, LLC ("SeaOne") jointly announced today the signing of a CGL Technology Pre-FEED (Front End Engineering Design) Agreement for studies by SeaOne to cover the design of the CGL production and export terminals and plants, receiving terminals and plants, and the CGL Carriers (CGLCs) that will be built to transport CGL to markets. Following completion of the project specific pre-FEED and the FEED studies by SeaOne and partners, PIC will make the Final Investment Decision (FID) which will allow PIC and its partners to move forward with construction and operation of the project.
The SeaOne Compressed Gas Liquids (CGL) intellectual property is supported by 9 core U.S. patents, with supporting engineering and designs. The core CGL patents are the basis of 84 international patents, and 72 global trademarks that cover the composition of CGL (natural gas and natural gas liquids in a solvated solution) and methods for producing, storage, loading and unloading cargo containment systems in the CGLC, and associated onshore and offshore production and receiving terminals. The patents, designs and systems also include various transportation solutions that have been developed by SeaOne.
"We are very enthusiastic about partnering with PIC," SeaOne's Chairman and CEO, Forrest Hoglund, said. "CGL increases access to affordable, lower emission fuels. These projects will provide Mexico, and other countries in Central and South America, and the Americas with affordable fuels and power, as well as significant carbon emissions reductions, a key component in achieving sustainability and balanced ESG goals."
"We are excited to take this important Pre-Feed step with SeaOne," said Michael Hood, CEO of PIC. "Through this partnership, PIC and SeaOne will accelerate commercialization of CGL to help meet the fuel supply and electricity needs of PIC's customers in Mexico and throughout the Americas while substituting higher-emission fuels to continue driving down emissions."
About Petroleós Internacionales del Caribe and Petroleós Internacionales del Caribe Inc., Sucursal México
Petroleós Internacionales del Caribe
About SeaOne Holdings, LLC
Houston-based SeaOne Holdings, LLC
