Clean Vision's Clean-Seas Signs Term Binding Sheet with Turkish O&G Project Dev Firm to Establish PCN Pyrolysis Plant; Clean-Seas and Pax Petrochem to Pursue Building 150/TPD Facility in Turkey

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) announced a binding term sheet with Pax Petroklmya Sanayi Ve Dis Ticaret Limited, Sirketi to develop a waste plastic-to-energy plant in Turkey. This venture involves establishing a new entity, Clean-Seas Turkey, LLC, which will manage operations for a 150 tons-per-day facility. PPI will provide land and assist with permits and feedstock. Turkey's economy shows promise with 7.3% GDP growth in Q1 2022, and the country is increasingly focused on recycling and environmental sustainability.

Positive

• Strategic partnership with Pax Petroklmya for a waste plastic-to-energy project.
• Establishment of Clean-Seas Turkey, LLC to manage a 150 TPD facility.
• Turkey's 7.3% GDP growth in Q1 2022 indicates a robust economic environment for the project.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / June 14, 2022 / Clean Vision Corporation (OTCQB:CLNV) (the "Company"), today announced its wholly owned Clean-Seas, Inc. (C-S) subsidiary has signed a binding term sheet with Pax Petroklmya Sanayi Ve Dis Ticaret Limited, Sirketi (PPI) to jointly pursue the development of a commercial-scale waste plastic-to-energy plant as the Company's first PCN host facility in Turkey -- as C-S seeks to strategically expand its global footprint.

PPI (also known as Pax Petrochem), is headquartered in Istanbul. With a history of over forty years in diversified industrial and management fields including shipping, oil & gas, investments, project development and property development, PPI's parent company Pax International was founded in Houston, Texas in 1976 and, over the years, its operations spanned the globe from Houston to Singapore to Dubai to Assaluyeh to Shanghai to Istanbul.

As the world's fifth largest city, Istanbul is a highly strategic location, with a population of 15 million comprising 18 percent of Turkey's 83 million people. Turkey straddles both Europe and Asia, and Istanbul is a global commercial transportation hub where the Black Sea and Aegean Sea meet. Turkey has a dynamic economy, having posted 7.3% GDP growth in Q1. C-S believes that Turkey is an ideal host nation for C-S' PCN.

Turkey's ratification of the 2015 Paris climate agreement complements its global environmental acclaim as it's already a signatory for the Vienna Convention for the Protection of the Ozone Layer, the Montreal Protocol, the Rotterdam Convention, the Stockholm Convention on Organic Pollutants, the Kyoto Protocol and the Barcelona Convention. The Turkish Environmental Agency (TUÇA) under the Environment and Urbanization Ministry will conduct a zero-waste management project to boost the economy through recycling. First lady Emine Erdoğan's Zero Waste Project recycles 24.2 million tons of trash nationwide aimed at a recycling recovery rate of 60% by 2035. Its recycling rate has nearly doubled from 13 to 22.4 percent since 2017 including 4.1 million tons of plastic.

Clean-Seas V.P. of Business Development, Dan Harris, commented, "We're excited to work with PPI; it is highly qualified technically and strategically. We believe producing pyrolysis oil, AquaH^tm hydrogen, char, and lubricants - while reducing the waste plastic and climate change crises -- can serve as a green, next-generation extension of the conventional petrochemical business offering unlimited potential."

"Our goal for PCN is quite literally global," Dan Bates, CEO of Clean Vision, added. "With our signing the Brittany binding term sheet in France, and our recently reported planned PCN project in Morocco -- Istanbul now solidifies our footprint at both ends of the Mediterranean. All three countries are environmentally progressive which should make for a win-win all around."

C-S /PPI Binding Term Sheet Highlights

The binding Term Sheet is intended to govern the relationship between the parties until such time that a formal definitive agreement may be implemented. It provides for the two companies to enter into a business relationship in which C-S will establish a new US company, Clean-Seas Turkey, LLC (CST), and PPI will set up any corresponding business entities as needed within Turkey.

Under the terms, CST is to:

• Manage construction, operations, contractors, finances and off-take customers for pyrolysis oil, AquaH^tm hydrogen, char, and lubricants for a 150 tons-per-day (TPD) pyrolysis facility -- with potential for expansion.
• Hold a controlling stake in the resultant jointly owned entity.
• Secure the needed capital to begin operations of 150 TPD.

PPI is to:

• Provide suitable land to support 150-TPD processing, and additional land for expansion if later agreed upon.
• Obtain all licenses and permits as required, and secure tax incentives if available.
• Source feedstock and assist with off-take agreements.
• Ensure compliance with Basel Convention rules for the responsible storage and recycling of feedstock coming from other nations.

About Clean-Seas, Inc.

Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It is seeking to provide efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com

About Clean Vision Corporation

Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp

About PAX Petrochem International

With a history of over forty years in diversified industrial and management fields including Shipping, Oil & Gas, Investments, Project Development and Property Development, PAX INTERNATIONAL began its journey in Houston, Texas in 1976 and over the years, its operations spanned the globe from Houston to Singapore to Dubai to Assaluyeh to Shanghai to Istanbul. Visit: paxpetrochem.com

Safe Harbor Statement

This press release includes forward-looking statements, including statements related to plans to jointly pursue the building of a commercial-scale waste plastic-to-energy plant as the Company's first PCN host facility in Turkey, advancing the term sheet the Company has established to a definitive contract that includes PPI providing land for the facility, local permitting, and feedstock and off-take agreements, producing pyrolysis oil, AquaH^tm hydrogen, char, and lubricants while reducing the waste plastic and climate change crises serving as a green, next-generation extension of the conventional petrochemical business offering unlimited potential and France, Morocco and Turkey being environmentally progressive making for a win-win all around. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While we believe these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this press release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to pursue with PPI the building of a commercial-scale waste plastic-to-energy plant as the Company's first PCN host facility in Turkey, our ability to advance the LOIs and term sheets we have established to a definitive contract that includes our collaborator providing land for the facility, local permitting, and feedstock and off-take agreements, our ability to complete our Clean-Seas and EcoCell projects as planned, our ability to pyrolyze waste products (using pyrolysis) and participate in the low-sulphur fuel, clean hydrogen and char markets and our ability to position the Company for future profitability. The Company assumes no duty to update its forward-looking statements.

Contact
Clean Vision Corporation
Dan Bates, CEO d.bates@cleanvisioncorp.com

Investors
Frank Benedetto 619-915-9422

SOURCE: Clean Vision Corporation

View source version on accesswire.com:
https://www.accesswire.com/704284/Clean-Visions-Clean-Seas-Signs-Term-Binding-Sheet-with-Turkish-OG-Project-Dev-Firm-to-Establish-PCN-Pyrolysis-Plant-Clean-Seas-and-Pax-Petrochem-to-Pursue-Building-150TPD-Facility-in-Turkey

FAQ

What is the collaboration between Clean Vision Corporation and Pax Petroklmya?

Clean Vision Corporation signed a binding term sheet with Pax Petroklmya to develop a commercial-scale waste plastic-to-energy plant in Turkey.

What are the terms of the agreement for the new facility in Turkey?

The agreement involves Clean-Seas Turkey, LLC managing operations for a 150 tons-per-day pyrolysis facility, with Pax Petroklmya providing land and support.

What is the importance of Turkey for Clean Vision's operations?

Turkey provides a strategic location for the facility due to its significant economic growth and focus on environmental sustainability.

How much is the expected processing capacity of the facility being developed in Turkey?

The planned facility has a processing capacity of 150 tons per day.

What is the significance of Turkey's GDP growth for Clean Vision Corporation?

Turkey's 7.3% GDP growth in Q1 2022 indicates a supportive economic environment for Clean Vision's waste plastic-to-energy project.