Meridian Signs LOI with a Major Midstream Firm for Logistics Facilities in Support of the Davis Refinery
Meridian Energy Group, Inc. Signs LOI with a Major Midstream Firm for
Logistics Facilities in Support of the Davis Refinery
BELFIELD, North Dakota (Wednesday, February 27th, 2019) – Meridian Energy Group, Inc., the emerging growth refining firm and leading innovator in advanced technology and environmentally-beneficial petroleum processing facilities, announced today that the Company has signed a Letter of Intent (“LOI”) with an industry leading firm for the midstream logistics support for the Davis Refinery in Billings County, North Dakota. Under the LOI, the midstream logistics firm will build, own and operate the crude oil and refined product midstream and logistics facilities for the Davis Refinery, enabling Meridian to focus on operations of Davis inside the battery limits (“ISBL”). The firm, who has asked to remain in the background pending development efforts on the assets associated with the LOI, has over 70 years of midstream experience focused on providing a full suite of turnkey solutions to producers across the US. Meridian has initiated site preparation and grading at the Davis Refinery site and is proceeding with final design and equipment fabrication and procurement with full construction resuming in Spring 2019.
Lance Medlin, Meridian Energy Chief Projects Officer on the LOI, “The award of this contract for the Davis terminal marks the end of a long and intensive bidding and vetting process, and the beginning of what will become an even longer working relationship between our two companies. This firm will execute a significant role in the Davis refinery as they develop and operate our crude and refined product terminals and logistics infrastructure. We’re excited to start this new phase together as the Davis Refinery nears its full production date.
Meridian Chairman and CEO William Prentice had this to say, “Meridian intends to be the most cost-effective and cleanest refined product producer in the industry, and that means that Meridian has to focus all of its energy and expertise inside the fence – ISBL. This emerging partnership allows Meridian to do just that – with this LOI in place Meridian is assured that the Davis crude and product handling systems operate in the safest and most efficient manner possible. In addition, the arrangement reduces the capital burden on Meridian substantially, furthering Meridian’s objective of seeing Davis become the quality and cost leader in its market.”
Read Full Release Here (GlobeNewsWire.com)