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19 July 2006 - International Power Group announced Tuesday that the Company has finalized all necessary procedures to establish a Saudi Arabian company approved to build waste-to-energy plants in the Kingdom.
The new company, to be named IPWG SAUDI Limited, will operate with the Kingdom of Saudi Arabia's new national company for waste management, called National Environment Company. IPWG plans that IPWG SAUDI Limited will be National Environment Company's primary partner in developing technology for the disposal of all type of waste which will utilize waste-to-energy technology (WTE) to be customized by IPWG for the KSA.
The Company estimates that KSA needs approximately ten plants of 2000 tonnes per day to be located strategically around the Kingdom. IPWG expects to form additional KSA subsidiaries, in partnership with domestic KSA entities, to build, own and operate the WTE plants and to market the electricity, purified drinking water and other beneficial by-products.
KSA's economy is one of the world's fastest growing. This fast growth has strained the Kingdom's limited drinking water resources. IPWG believes that WTE technology, with its purified drinking water by-product, is perfect solution to the Kingdom's waste disposal and drinking water needs.
Peter Toscano, IPWG's CEO stated, "We are extremely pleased and honored to obtain the approvals from all three Saudi authorities. We believe this approval from Saudi Arabia is an indication that our plan to have IPWG waste-to-energy plants constructed and operating throughout the world is well on its way". He said, "This approval allows IPWG to fulfill its commitment to providing solutions for the Kingdom's waste disposal, electric and water needs."
IPWG expects to commence construction of waste-to-energy plants in Saudi Arabia by the end of 2006, under the terms offered by the Saudi government.
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