HOUSTON, Feb. 28, 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 Memorandum of Understanding ("MOU") for an exclusive license agreement for PIC to commercialize SeaOne's patented Compressed Gas Liquids (CGL) technology, systems and designs in the Americas' 300 nautical mile Exclusive Economic Zone ("EEZ").
The SeaOne intellectual property covered by the license 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 delivery of CGL (natural gas and natural gas liquids in a solvated solution) and methods for producing, storage, loading, handling and unloading cargo containment systems in CGL Carriers (CGLCs), 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.
The MOU and partnership between PIC and SeaOne represents a significant milestone in the commercialization of CGL as it signals the commencement of a project specific pre-FEED (Front End Engineering Design) studies by SeaOne. These studies will cover the design of the production and export terminals and plants, receiving terminals and plants, and the CGLC Fleet that will be built to transport CGL and deliver fuel to PIC's markets in Mexico. Following completion of the pre-FEED studies and Final Investment Decision (FID) by PIC, SeaOne will undertake the FEED for final design and construction for the projects in Mexico that PIC has positioned.
"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 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 towards a greener brighter future."
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.
