Sabien Technology Group PLC Extension of Sales Agency Agreement (1479W)
August 16 2022 - 2:00AM
UK Regulatory
TIDMSNT
RNS Number : 1479W
Sabien Technology Group PLC
16 August 2022
16 August 2022
Sabien Technology Group plc
("Sabien", the "Company" or the "Group")
Extension of Sales Agency Agreement
Ground-breaking on first Korean Production Plant and South
Korean Delegation to UK
Sabien Technology Group plc (AIM:SNT), the company focused on a
green aggregation strategy, announces that its Sales Agency
Agreement with City Oil Field ("COF"), originally announced 15
September 2021, has, effective 14 August, been rolled forward for a
further 12-month period from 14 September 2022, as specified in the
contract.
This contract extension proceeds the ground-breaking ceremony
for the first COF production plant, which took place on the 28 July
2022 in Jeonnam Province, Korea, and was attended by Governor Kim
Young-rok, Gwangyang Mayor Jeong In-hwa, and local government
officials. Located on the 2nd Chonam Industrial Complex in
Gwangyang, Jeollanam-do, the plant's footprint will occupy
6,611m(2) and is capable of treating 7,920 tons of waste plastic
per year. The Jeonyoung Regenerated Green Oil Company is in charge
of the construction and operation of COF's regenerated green oil
("RGO") technology applied plant. The expected completion date is
March 2023. COF expects to produce an average of 4,752 tons of
high-quality recycled oil annually by normal operations after the
completion of the plant.
(Korean language announcement here -
https://n.news.naver.com/article/009/0004996130 )
To support the development of the first COF RGO outside of
Korea, specifically in the UK, Sabien further announces it will be
hosting an executive level delegation from its Korean partner, and
Korean Environmental Corp., a quasi-governmental organisation
affiliated to the Korean Ministry of Environment, during September
2022.
(The Korean Environmental Corp. was established in 2010 with the
sole purpose of contributing to the eco-friendly national
development through the improvement of the environment and
promotion of resource circulation.
https://www.keco.or.kr/en/main/index.do )
Senior officials from the Korean Environment Corporation,
including the General Manager and Deputy General Manager of the
Department of Energy Facilities, equivalent to the UK's Environment
Agency, will be visiting the UK to undertake knowledge exchange
with UK government agencies, and to support the commercial
development of COF's partnership with Sabien and b.grn Group Ltd
("b.grn"), Sabien's development partner, in relation to the
previously announced Project Coffee.
The delegation visit will include a Trade Summit and Reception,
hosted by Sabien, to be held in Westminster on 19 September 2022,
meetings with significant investors, parliamentarians, and UK
Environment Agency officials. Furthermore, visits to inspect
potential sites for joint development are planned. The delegation
intends to forge strong trading links between the UK and Korea on
important environment and trade matters.
The previously announced partnership with COF has continued to
develop since the end of the financial year to 30 June 2022. A
number of sites have been identified and work is continuing towards
securing them for the purposes of deploying the COF technology.
In addition to reviewing this work, the delegation will also
attend meetings with a number of stakeholders and officials in
order to gain a better understanding of the UK's emerging
environmental program.
Commenting on the visit, Richard Parris, Chairman of Sabien,
stated:
"Over the last 12 months we have achieved significant progress
positioning COF technology with key UK influencers, and we look
forward to enabling the first production deployment outside of
Korea. We are honoured to host this important delegation. The UK's
credentials within environmental innovation are well known. The
combination of our urgent need for an alternative to traditional
fuel supplies and COF's undoubted lead in recycling technology is
unparalleled in the United Kingdom. Through our commitment to the
circular economy, Sabien is positioned to accelerate the UK's
transition to net-zero. Sabien, b.grn, and COF are all excited to
demonstrate this opportunity to South Korean and UK officials."
For Further Information:
Sabien Technology Group plc
Richard Parris, Executive Chairman +44 20 7993 3700
Allenby Capital Limited (Nominated
Adviser)
John Depasquale / Nick Harriss /
Vivek Bhardwaj +44 203 328 5656
Peterhouse Capital Limited (Broker)
Duncan Vasey / Lucy Williams +44 207 469 0930
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