Meridian Energy Group, Inc. Signs Letter of Intent with Leading EPC Solutions Provider for Front End Engineering and Design Services
Agreement Also Calls for Negotiation of Turnkey Engineering, Procurement and Construction Solutions
BELFIELD, North Dakota – (April 16th, 2018) – Meridian Energy Group, Inc., the leading developer of innovative and environmentally-compliant oil refining facilities, announced today that it has signed a letter of intent (“LOI”) with a leading specialty engineering, procurement and construction (“EPC”) solutions provider based in Houston, Texas (the “Contractor”), to initially complete a front end engineering and design (“FEED”) study for the Davis Refinery in Belfield, North Dakota. Additionally, the LOI establishes the terms and conditions under which Meridian would contract with the Contractor for the EPC of the initial phase of the Davis Refinery, the negotiation of which is anticipated to occur during the FEED study.
This LOI represents a major milestone for Meridian and comes at a critical point in time as Meridian prepares to receive the final issuance of the permit to construct (“PTC”) for the Davis Refinery from the North Dakota Department of Health (“NDDoH”) in the coming weeks. The Contractor is the largest specialized infrastructure solutions provider in North America and has met all Meridian criteria for a forward-thinking EPC contractor that understands the significance of the Davis Refinery on the future of the refining industry. Meridian is confident that the Contractor is an ideal EPC partner to carry out and implement the detailed design and engineering of the Davis Refinery and the standard of emission controls the facility will set for the refining industry moving forward.
William Prentice, CEO of Meridian Energy Group said of the LOI, “With our PTC being finalized by NDDoH over the next few weeks, the single most important milestone left for Meridian to achieve was the selection of our EPC partner for the Davis Refinery. The Contractor we have selected to be our EPC partner is exceptionally well-qualified, and fully appreciates how unique and important the Davis Refinery is in defining the future of the refining industry in the United States. Now that this important relationship has been established, Meridian can finalize its project financing arrangements for the Davis Refinery upon award of the final PTC and begin construction shortly thereafter.”
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