OIL - CYBER ENVIRO-TECH ENTERS INTO A MEMORANDUM OF UNDERSTANDING TO ACQUIRE A SALT WATER DISPOSAL FACILITY IN THE PERMIAN BASIN | Benzinga
SCOTTSDALE, Ariz., June 12, 2024 /PRNewswire/ -- (OTC:CETI), Cyber Enviro-Tech, Inc. an international eco-conscious remediation company, is pleased to announce the signing of a Memorandum of Understanding to acquire a Salt Water Disposal (SWD) facility in the Permian Basin of West Texas. CETI will collaborate with a long-established SWD and oil field operating company to restore this facility to full operational condition. The goal is to develop a Pilot SWD facility that not only manages water disposal but also showcases advanced technologies in desalinization, water remediation, and sludge contamination removal, converting waste into saleable oil. With CETI's biotechnology solutions, the Company's aim is to demonstrate its ability to safely repurpose wastewater for agricultural use or even restore it to potable drinking water quality for local communities. CETI expects to complete its due diligence and sign a definitive agreement by the third quarter of 2024, with production and revenue generation following soon thereafter.