ReGen III Corp. entered into a non-binding letter of intent with Oiltanking North America LLC regarding the design, construction, maintenance and operation of a used motor oil rerefinery production facility at the Oiltanking Galveston County Terminal in Texas City, Texas. At the terminal, Oiltanking handles specialty chemicals and petrochemicals with more than 87,000 cubic meters (78,000 metric tons) of storage capacity on over 200 acres.