JBII -- $90 BILLION NYSE:OXY TO BUY FUEL $109.80/BARREL
Rawnoc Thursday, May 19, 2011 10:32:44 AM
Re: Rawnoc post# 22251 Post # of 22458
JBII -- $90 BILLION NYSE:OXY TO BUY FUEL $109.80/BARREL
JBI Inc. to Supply Oxy Vinyl Canada With Alternative Fuel
Press Release Source: JBI, Inc. On Monday May 9, 2011, 7:21 am
THOROLD, Ontario, May 9, 2011 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company" or "JBII") (OTCQX:JBII) announced today that Oxy Vinyl Canada, a wholly owned subsidiary of Occidental Petroleum (NYSE:OXY - News), has agreed to purchase JBI's low sulphur heating oil for $109.80 per barrel. Low sulphur heating oil is a product of our Plastic2Oil(TM) process. Under the terms of the agreement, the first order of approximately 214 barrels of low sulphur heating oil is expected to be delivered this week.
"Today's announcement is for the sale of JBI petroleum products derived from waste plastic," said CEO John Bordynuik. "I am pleased that our green initiative has come to fruition evidenced by Oxy Vinyl's purchase."
JBI's revolutionary Plastic2Oil(TM) process converts mixed waste plastic into separated diesel, heating oil, and light naphtha fuels. Low sulphur heating oil is diesel fuel without transport additives. In Q1 2011, Bordynuik designed quality controls, fuel blending, and automatic additive injection so that the fuel produced is a final product, unlike crude oil. The agreement with Oxy Vinyl marks the company's first alternative fuel sale.
JBII used highly reputable laboratories and service providers to validate and test its Plastic2Oil(TM) process and products. This strategy has provided a long term benefit to our shareholders.
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