DGAP-News: 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
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.
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
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