Signed by President Trump on December 21, H.R. 1733, could have a significant positive impact on the environment as well as increased visibility for the re-refined oil industry.
HOUSTON, Jan. 10, 2019 (GLOBE NEWSWIRE) — Vertex Energy, Inc. (VTNR), a specialty refiner and marketer of high-quality hydrocarbon products, is pleased to report that on December 21, President Trump signed H.R. 1733, directing the Secretary of Energy to review and update a report on the energy and environmental benefits of the re-refining of used lubricating oil, as well as submit a plan to Congress for further action.
Co-sponsored by U.S. Representatives Susan Brooks (R-IN) and Joe Kennedy (D-MA) in the House, and Senators Rob Portman (R-OH) and Jeanne Shaheen (D-NH) in the Senate, this bill aims at increasing responsible collection of used oil, informing the public of sustainable reuse options for used oil, and developing a coordinated Federal strategy to promote sustainable reuse of used motor oil both at the Federal level as well as among the general public. The Secretary of Energy, in cooperation with the Administrator of the Environmental Protection Agency and the Director of the Office of Management and Budget, would need to review and update a federal agency 2006 study as well as submit a new strategy within one year of the enactment date.
Benjamin P. Cowart, Chairman and CEO of Vertex Energy, commented, “We are thrilled with the passage of H.R. 1733, which reaffirms the Federal Government’s commitment to this important initiative – particularly in the bipartisan support that this issue was able to generate. There have been significant advancements made in re-refining technology and new production capacity across the U.S. since the passage of the original study in 2006. We believe this follow up will reflect the innovation and progress this industry has made over the last thirteen years, along with the profound environmental impact this industry represents.
Vertex Energy is at the forefront of the re-refining industry. Having invested significant capital in re-refining technology, we are now the second largest processor and re-refiner of used motor oil in the United States. Additionally, due to higher quality lubricants today we are expecting significant improvements in the chemical composition of used motor oil, that will result in a premium grade crude stock for re-refining. This means that Vertex Energy is increasingly in a better position to produce the highest purity lubricating base oil stock in North America, compared to conventional crude oil.”
Mr. Cowart concluded, “I would also like to personally thank Rep. Brooks but especially Senator Rob Portman, who represents our employees at our Columbus, Ohio refinery as well as their staff for supporting this bill; we are confident that this study will lead to more recovery and more advanced processing than any time in our history.”
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (NASDAQ: VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. With its headquarters in Houston, Texas, Vertex is one of the largest processors of used motor oil in the U.S. and has processing capacity of over 115 million gallons annually with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also has a facility, Myrtle Grove, located on a 41 acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that includes nine million gallons of storage. Vertex has implemented a cost-effective strategy for building its feedstock supply by establishing a successful self-collection and aggregation system. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry in North America. For more information on Vertex Energy please contact Porter, LeVay & Rose, Inc. at 212-564-4700 or visit our website at www.vertexenergy.com.
This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “hopes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.
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