Veolia Environmental Awarded Water Treatment Contract
Apr 13, 2011
Veolia Environmental (NYSE:VE) has signed a deal with the Plains Exploration & Production Company for a Produced Water Reclamation Facility at its Arroyo Grande Oilfield in San Luis Obispo County, California.
The treatment system will utilize Veolia Water's OPUS II technology to generate high quality water.
Veolia will design, build, and operate the 45,000-barrel per day facility under a 12-year agreement. Veolia will provide operations and maintenance services as well as performance guarantees on a fixed-fee basis to ensure design performance and recycled water of high quality.
Kirk Schwab, general manager of the Veolia Water Solutions & Technologies said, "This project uses world-class technology that treats produced water to generate high-quality water. As a result, our partnership is creating societal and environmental benefits that we can all be proud of. This approach demonstrates a shared commitment to responsible development of resources."
Veolia Environmental has a potential upside of 9% based on a current price of $32.19 and an average consensus analyst price target of $35.1.
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