Petróleos Internacionales del Caribe and SeaOne Holdings Announce Signing of CGL Technology Pre-Front End Engineering Design (Pre-FEED) Agreement

PRESS RELEASES

HOUSTON, April 22, 2022 (GLOBE NEWSWIRE) — Petróleos Internacionales del Caribe (“PIC”) and its operating division in Mexico Petróleos Internacionales del Caribe Inc., Sucursal México (“PICMEX”) and SeaOne Holdings, LLC (“SeaOne”™) jointly announced today the signing of a CGL™ Technology Pre-FEED (Front End Engineering Design) Agreement for studies by SeaOne to cover the design of the CGL™ production and export terminals and plants, receiving terminals and plants, and the CGL Carriers (CGLCs) that will be built to transport CGL™ to markets. Following completion of the project specific pre-FEED and the FEED studies by SeaOne and partners, PIC will make the Final Investment Decision (FID) which will allow PIC and its partners to move forward with construction and operation of the project.

The SeaOne Compressed Gas Liquids (CGL™) intellectual property is supported by 9 core U.S. patents, with supporting engineering and designs. The core CGL patents are the basis of 84 international patents, and 72 global trademarks that cover the composition of CGL (natural gas and natural gas liquids in a solvated solution) and methods for producing, storage, loading and unloading cargo containment systems in the CGLC, and associated onshore and offshore production and receiving terminals. The patents, designs and systems also include various transportation solutions that have been developed by SeaOne.

“We are very enthusiastic about partnering with PIC,” SeaOne’s Chairman and CEO, Forrest Hoglund, said. “CGL™ increases access to affordable, lower emission fuels. These projects will provide Mexico, and other countries in Central and South America, and the Americas with affordable fuels and power, as well as significant carbon emissions reductions, a key component in achieving sustainability and balanced ESG goals.”

“We are excited to take this important Pre-Feed step with SeaOne,” said Michael Hood, CEO of PIC. “Through this partnership, PIC and SeaOne will accelerate commercialization of CGL™ to help meet the fuel supply and electricity needs of PIC’s customers in Mexico and throughout the Americas while substituting higher-emission fuels to continue driving down emissions.”

About Petroleós Internacionales del Caribe and Petroleós Internacionales del Caribe Inc., Sucursal México
Petroleós Internacionales del Caribe (“PIC”) is a global company based in the USA. The company develops and operates a variety strategic related operations with its key partnerships. Petróleos Internacionales del Caribe Inc., Sucursal México (“PICMEX”) is an affiliate of PIC and is headquartered in Mexico. For more information, please visit www.pic-sas.com

About SeaOne Holdings, LLC

Houston-based SeaOne Holdings, LLC (“SeaOne”™) is a midstream infrastructure and logistics company that provides a means to deliver and store natural gas and natural gas liquids, from wellhead to market, as a liquid gas cargo using through its patented Compressed Gas Liquid (“CGL”™) system. SeaOne has developed and secured worldwide patents on a system which transforms the way natural gas and natural gas liquids (“NGL”) are processed, stored, and delivered globally to markets. The technology enables the delivery of clean fuels to regional markets at a significant discount to the current cost of fuel in the Caribbean, Central and South America. SeaOne aims to remake the energy cost and supply picture for the entire region, catalyzing new opportunities for economic growth and vitality and improving the lives of millions. For more information, please visit www.seaone.com

For media queries, please contact:

Jay Shahidi
PIC USA-PIC Mexico
info@pic-sas.com
+1 714 553 7482