How would you like to power or lubricate your car with your old tires? It looks like your used tires and various old plastics is becoming a reliable source of oil.
Green EnviroTech Holdings Corp. (GETH) has announced at the end of last week that the tire and plastic to oil samples that were approved in May 2012 precipitated the pricing at the “Brent Crude” spot price. In laymen’s term, this approval contributed to confirm the viability of the company’s recycling and transformation process.
One yet unnamed oil company stated that lab result qualities of all GETH’s oil samples were well within their specifications for their refinery.
It has yet to be confirmed if this resulting oil will actually be refined in quality motor oil or other automotive use.
CEO Gary De Laurentiis, stated, “This is very important step for GETH. It was necessary to the next phase of our planning to firmly establish the quality of what we are capable of producing.”
The result is ‘Brent Crude’ pricing that averages $18 per barrel higher than the NYMEX spot price. The next steps for the company is to identify the location of the first plant, apply for permits, and work with investment opportunities to fund the project.
De Laurentiis confirmed the company is in the due diligence phase with several funding sources.
“The Company’s immediate effort is to identify the fastest route to cash-flow operations” continued De Laurentiis. “For the past 4 years, we’ve tested various ways to convert no-value, difficult to recycle products, including shredder plastic, with a view to convert that material into compounded plastic resin and oil. Given the high level quality of oil we have achieved, which was well above our expectations, we will now focus on oil conversion only.”