BELFIELD, North Dakota (Thursday, March 26, 2020)- Meridian Energy Group, Inc. has entered into a preliminary agreement (which includes the essential terms of a detailed agreement) with a major international energy company, who is also an industry-leading proponent of environmental, social and governance (“ESG”) risk management and responsibility, for the supply of 100% of the requirements of the Davis refinery for sweet, light crude oil feedstock from Bakken shale.
The final commercial arrangement will provide Meridian with a reliable long-term supply of Bakken crude oil feedstock on pricing terms which provide a strong foundation for Meridian’s financial performance and business model.
The supplier will benefit from a reliable long-term customer for a substantial portion of its Bakken product, as well as the avoidance of the significant costs of transporting crude oil to remote refineries for processing.
These arrangements will also benefit society. Greenhouse gas emissions and other air emissions from the processing of sweet, light Bakken crude oil at Meridian’s ultra-modern Davis refinery will be a small fraction of the emissions from a typical refinery, and many thousands of tons of emissions from transportation of this crude oil to remote refineries will be avoided.