Environmental Remediation Holding Corporation Secures $625,000 Bond for PEMEX Project

Strategic Insights -

Environmental Remediation Holding Corporation (ERHC) has announced the placement of a $625,000 performance/bid bond for an environmental remediation/incineration project with PEMEX Exploration and Production. The joint venture, which ERHC shares 70%, aims to remediate oil field cuttings and contaminants in Villahermosa, Mexico. As one of three companies under final consideration for the $12.5 million project, ERHC's Chairman and CEO, Samuel Bass, expressed optimism due to the company's understanding of PEMEX's infrastructure and project requirements. ERHC is the only bidder holding an incineration permit in Mexico, giving them a competitive edge.

Key Takeaways:

  • ERHC, in partnership with MEXLA L.L.C., has secured a $625,000 performance/bid bond for an environmental remediation/incineration project with PEMEX Exploration and Production.
  • The project, valued at $12.5 million, aims to remediate oil field cuttings and contaminants in Villahermosa, Mexico.
  • ERHC holds a 70% share in the joint venture and is one of three companies under final consideration for the project.
  • ERHC's Chief Executive, Samuel Bass, emphasized the company's understanding of PEMEX's infrastructure and project requirements, positioning them as a strong contender.
  • ERHC is the only bidder holding an incineration permit in Mexico, a crucial advantage in the project's implementation.
  • The project's focus on environmental remediation and incineration highlights ERHC's commitment to responsible environmental practices.
  • ERHC's success in securing the bond places them in a favorable position to secure the contract and execute the project.

Statistics:

  • $625,000: The amount of the performance/bid bond secured by ERHC for the PEMEX project.
  • $12.5 million: The estimated value of the PEMEX project to be executed by the joint venture.
  • 70%: ERHC's share in the joint venture with MEXLA L.L.C.
  • 3: The number of companies under final consideration for the PEMEX project.

Sources:

  • Business Wire, Environmental Remediation Holding Corporation, "ERHC Announces Placement of $625,000 Performance/Bid Bond on PEMEX Project" (February 19, 1998).