BELFIELD, ND--(Marketwired - Dec 12, 2016) - Meridian Energy Group, Inc., the leading developer of innovative solutions for a cleaner, environmentally-compliant oil refinery, announced today it has designated Andreini & Co. as its Broker of Record and Risk Management consultant for Meridian's Davis Refinery -- the 55,000 barrel per day ("bpd") full-conversion crude oil refinery that Meridian intends to build in Belfield, ND. Andreini's brokerage responsibilities will include all insurance and related coverages pertaining to the Davis project, and will cover the current pre-construction stage throughout the operations and maintenance phase of the refinery.
Andreini & Co. will be an integral component of Meridian's dedicated commitment to comprehensive risk management. This consultation will extend to issues, risks and exposures inherent in the planning, construction, commercialization, operation and maintenance of the Davis Refinery. This partnership will also involve such matters as project capitalization, engineering, and facility loss control, as well as contract reviews of feedstock suppliers and offtake purchasers located in North Dakota and the surrounding states.
Meridian CEO William Prentice said of the selection, "The domestic U.S. energy industry, particularly the refining and hydrocarbon processing sectors, is poised for dramatic change as the United States has once again become the world's largest oil and gas producing country. Meridian intends to be an active participant in this industry evolution, and believes that its approach to project development, which focuses on risk management and mitigation, will enable Meridian to continue to introduce important innovations to the industry. This approach is impossible without an exceptionally strong partner in the risk industry, and after an exhaustive qualification process it became clear that Andreini, with its exceptional credentials and qualifications and innovative culture, was the partner that Meridian needed."
Andreini & Co. Chairman John Andreini had this to say, "The opportunity to be involved in one of this country's first refineries to be constructed in over 50 years is a very exciting proposition. We are more than delighted to have been selected as a valued service provider and insurance consultant for Meridian Energy Group."
Richard Burggraf, Meridian EVP of Risk Management, commented on the partnership, "Meridian Energy is dedicated to the identification, quantification and mitigation of the myriad risks inherent in our Davis Refinery Project. As such, we are delighted to share the news of our partnership with Andreini & Co., professionals who are preeminent in their respective disciplines throughout the energy and infrastructure communities. However, it is Andreini's widespread embrace of our project challenges and proposed solutions to these challenges that distinguishes them as integral to our corporate governance and project execution plans."
Patrick Sturgeon, Managing Director of Brookline Capital Markets, also commented, "Brookline Capital Markets, financial advisor to Meridian Energy Group is pleased that Andreini & Co. has been engaged as Meridian's Broker of Record for all insurance and related coverages. We believe that Andreini & Co.'s reputation in the industry and their specific construction sector expertise makes them a valuable partner in the project."
More information on Meridian's long-term strategy for financial stability and risk management can be viewed here: Meridian Energy Group, Inc. -- Building Financial Strength
About Andreini & Co.
Founded in 1951 by John Andreini, Andreini & Company remains one of the largest privately owned insurance brokerage firms in the United States. Under John's supervision and guidance as Chairman of the Board and CEO, our company consistently ranks in the top 50 independently owned insurance brokers and in the top 100 of all U.S. Insurance Brokers. Andreini & Co. writings are in excess of $500 million and continue to rise as our company grows. With over 200 insurance professionals and 12 offices strategically located throughout California, Oklahoma, Texas and North Carolina, over the last 60 years they have developed specialized expertise in the industries of Agriculture, Construction, Transportation, Technology and Oil & Gas.
About Meridian Energy Group, Inc.
The Mission of Meridian Energy Group, Inc. is to provide long-term shareholder value through the development and operation of the cleanest, most efficient and environmentally compliant crude oil refineries in the world, benefiting the community and its investors. Established in 2013, Meridian is led by industry experts with a combined 500 years of world-class expertise in energy & hydrocarbon processing, project development, finance, and large capital project management. Meridian Energy Group, Inc. current headquarters is located in Belfield, ND.
For more information, visit: http://www.meridianenergygroupinc.com