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16 Jun 2008 07:00
16 June 2008
HYDRODEC GROUP PLC
NEW OHIO REFINERY COMMENCES COMMISSIONING AHEAD OF SCHEDULE AND UNDER BUDGET
Hydrodec Group plc ("Hydrodec" or the "Company") is pleased to announce that the handover from construction to commissioning for the new Canton, Ohio refinery will commence during the week of 16 June. During this week, the plant will be pressurised and final dry testing will commence ahead of catalyst conditioning and first oil feed to the reactors. This is a major milestone for the Company and has been reached within the original budget parameters and, subject to final commissioning, the Company now expects the facility to be under budget at commencement of production.
The handover of the new Canton facility to Hydrodec's US operations group signifies commencement of full operations for Hydrodec North America. As previously announced, the commencement of production will mean the initiation of revenue generation due to the significant pre-sales of Superfine oil that have already been contracted.
Chairman John Gunn commented "Completion of the Canton plant in the first half of 2008, below budget and ahead of schedule, continues the excellent performance of Hydrodec. The Board commends the efforts of all management, staff and key contractors in achieving such an outstanding result.
Successful early delivery of the first US production facility, combined with substantial pre-sales, represents a major expansion in the Company's revenue base and further demonstrates Hydrodec's ability to deliver capacity, revenue and geographic growth."
For further information please contact:
John Gunn, Chairman
Hydrodec Group plc
Tel: 0207 621 5774
Emma Davis
Curve PR
Tel: 07764 197 003
Anthony Richardson
Nick Westlake
Numis Securities
Tel: 0207 260 1000
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