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Based on Successful Results Yielding Less Than 1% Total Petroleum Hydrocarbons in Treated Contaminated Soil in Kuwait
LEHI, UT / ACCESSWIRE / June 20, 2023 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, is pleased to announce the planned relocation of its Remediation Processing Center 2 (RPC #2) from Vernal, Utah to Kuwait.
The Company is expecting to begin the dismantling process for RPC #2 by the end of June and targeted to be in Kuwait during the fourth quarter 2023. Vivakor has secured loan financing totaling $1.95 million, to be received over eight installments as certain milestones are reached, from signing the loan documents to full installation of the RPC #2.
Vivakor Chairman and Chief Executive Officer James Ballengee, commented, "We are excited to have contracted our RPC #2 with Aldali Int'l for Gen. Trading & Cont. Co. ("DIC") and to relocate it to Kuwait. We expect the relocation of RPC #2 will enable us to generate revenue from its operations in 2024 based on the successful pilot machine results yielding less than 1% Total Petroleum Hydrocarbons ("TPH") in treated contaminated soil in Kuwait. We look forward to having our team in place in Kuwait readying the machine in the fourth quarter and positioned for operations in early 2024."
The completed trial was deemed a success, as the commissioning phase was concluded and KOC/PMC approved to move to commercialization. After the treatment and analysis of the soil, the final treated soil TPH range was measured between 0.2% to 0.4% which is within the excepted range of TPH < 1%.
The contaminated soil treatment activity was conducted at the South Kuwait Excavation, Transportation and Remediation (SKETR) Zone III project in DIC Yard, Mina Abdullah, Kuwait.
The Vivakor Field Trial carried out the treatment of contaminated soil in the presence of KOC / PMC representatives. The Vivakor Pilot Plant at the DIC yard treated the contaminated soil by using contaminated soil of TPH range 7% - 10 % and 10% - 15% and brought the TPH to < 1%.
About Vivakor, Inc.
Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to operate, create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include a crude oil gathering, storage, and transportation facilities, which feature long-term ten year take or pay contracts.