United Energy Group plc
United Energy Group plc: United Energy Group Signs LOI for Mechanical-Biological Waste Processing Plants in Vietnam
United Energy Group Plc. / Key word(s): Agreement 16.02.2011 / 10:23 Haslemere, United Kingdom - February 16, 2011 - United Energy Group plc just signed a LOI with the IPC Interplan Consulting GmbH and with the Vietnamese disposal companies Viet Long and Thanh Cong concerning the planning and development of two mechanical-biological processing plants. Following their completion, the facilities will generate energy from municipal waste in Hanoi and Hilong for local utilities. 'During recent weeks and months, we conducted in-depth research into the potential for this type of energy production in Vietnam, and reached the conclusion that the project perfectly suits our approach of investing in new, innovative fields of energy generation,' said Thomas Diekötter, COO of United Energy Group plc. 'Moreover, the disposal agreements of our Vietnamese partners with the municipalities ensure the long-term profitability of the projects.' Once completed after an 18-month construction period, the mechanical-biological processing plant in Hanoi will turn 600 tons of municipal waste into energy per day. The Hilong project is laid out for a capacity of 250 tons a day, and will be supplemented by a blue tower system that will produce synthetic gas in addition to the energy alone. The gas will in turn be used to generate energy. The projects have a total investment volume of approximately 22.5 million Euros, which sum breaks down into 7.5 million Euros earmarked for Hanoi and approximately 15 million Euros for Hilong. 'UEG and IPC will initially assume responsibility for the conceptualisation and project planning, and will handle the technical project management later on. Our Vietnamese partners will take care of the issues of property, human resources and municipal waste supply for the facilities as well as of the subsequent material marketing,' elaborated Diekötter, who used his network connections to establish contact between UEG, IPC and Vietnam, and who is currently conduction talks with funding partners. 'We assume that the cooperation agreement based on the Letter of Intent will be signed in Q2. If we get additional funding partners to enter into contractual commitments, we may start realising the two Vietnamese processing plants as early as the second semester of 2011.' United Energy Group plc United Energy Group plc is an independent listed energy company. Formed in 2006, the company focused initially on the area of energy production. During the past two years, UEG underwent substantial redevelopment, and operates now in the business areas of Energy Consulting, Energy Trading, and Energy Investments. The company has thereby responded to global market trends as it seeks to make a significant contribution to the energy supply sector, and to help meet the growing energy needs worldwide. Forward-Looking Statements This communication may contain certain forward-looking statements that include declarations of intent, strategies and opinions relating to the future and to the expectations of United Energy Group and its subsidiaries. Any statement contained herein is based on information available on the respective day to the management of UEG; and actual events, may vary depending on the occurrence of future events that may or may not be subject to the management's control, including risks and uncertainty factors that may cause the actual outcome to deviate considerably. Such risks and factors include, without being limited to, ramifications that acquisitions may have for the company and its capital structure, exploratory findings, market conditions, the stability of mineral oil and natural gas prices, the uncertainty factors inherent in the operative business of mineral oil and natural gas production, unexpected future investment requirements, competition, statutory provisions, and other factors. End of Corporate News --------------------------------------------------------------------- 16.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 112374 16.02.2011
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