RMG Signs Term Sheet to Invest in Mil-Speck for the Development of a Motor Oil Re-Refinery Company
Monday, October 1, 2012
Press Release from NORA Member Mil Speck Re-Refining Oil Co.
Manufacturing Gateway, Inc. (RMG), a non-profit organization acting as the
catalyst for regional job creation and economic development in the clean technology
and renewable energy industries, has signed a Term Sheet with Mil Speck
Re-Refining Oil Company LLC (Mil Speck) to provide a working capital for the
development of Mil Speck’s motor oil re-refinery company.
Speck will recycle used motor oil in an environmentally friendly manner in a
new custom-designed plant that will have a capacity to re-refine 25 million
gallons of used motor oil per year into vacuum gas oil, base neutral and
asphalt flux. Mil Speck will utilize a state-of-the-art technology that has a
proven industry record of producing the highest product quality and yielding
the greatest economic return for re-refiners of motor oil.
a technical study and transportation infrastructure considerations, Mil Speck
has selected a site for its first re-refining plant in Pleasants County of West
Virginia. Working capital provided by RMG will pay for an option to acquire the
property as well as to obtain permits and construction capital.
construction of Mil Speck’s re-refining plant will generate new business
opportunities for supply chain companies in West Virginia, Southwestern
Pennsylvania and Ohio. It will also create two hundred employment opportunities
including construction and professional service jobs in the region where
unemployment rates are above 8%. Once the re-refining plant is operational, it
will provide 34 permanent job positions in terminal operation, material
handling, processing, maintenance and administrative departments. Economics of
Mil Speck’s re-refining business support well-paid, long-term jobs.
Mil Speck Re-Refining Oil
Company (Mil Speck) is in the business of
developing and operating used motor oil re-refining plants using
environmentally friendly technology for distillation and hydro-treating of used
motor oil back to basic oil.
Gateway (RMG) is a
Pittsburgh-based non-profit organization whose mission is regional job creation
in the clean technology, renewable and alternative energy industries. RMG
advises companies in these industries with respect to project development, finance,
capital markets strategies and introductions, business planning,
commercialization, marketing, sales and strategic growth. For more information
please visit www.renewmfg.org or contact Director of Development, Ieva Abolina, firstname.lastname@example.org, phone (412) 567-1491.
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