On November 14, 2008 Michael Grunberg and Grunberg Realty announced the closing of the acquisition deal for Somerset Oil. Plans are to have 3 business units of Somerset Energy Refining in operation during first quarter 2009.
A few key elements of this deal that I find significant are:
- Retention of Key Personnel allowing for capitalization of Institutional Knowledge
- Commitment to capital funding for operations
- Involvement by Key Congressional Representative to ensure EPA regulatory hurdles are met quickly
Somerset Energy Refining will be a vital part of the economic stability in the region and if the trends of local oil well production continues will have a regional reach that will add to a positive economic impact.
Advertisement
[...] Hour for Somerset Energy Refining I have profiled Somerset Energy Refinery in the past, updated the profile and interviewed Michael Grunberg, the man who bought the refinery and brought it out of [...]