Meridian Energy Group, Inc., the leading innovator in the petroleum refining industry, solidified its position as the agent of change in this important sector of the energy industry by announcing the completion and adoption of its Environmental and Social Management Plan (“ESMP”). The ESMP is intended to reaffirm Meridian’s commitment to the environmentally and socially responsible development and operation of its facilities and the company’s alignment with the environmental and social risk management framework set forth in the Equator Principles.
Meridian also announced that it has formed an Environmental, Social and Governance (“ESG”) Committee of executive officers and experts to support Meridian’s ongoing implementation of the ESMP. The ESG Committee will advise Meridian’s CEO and Board of Directors regarding environmental, health and safety, corporate social responsibility, corporate governance, sustainability and related policy matters.
In connection with its mission to develop and operate the world’s cleanest and most technologically advanced oil refineries in the world, Meridian works with its suppliers, customers, contractors, financiers and partners to identify, assess and manage environmental and social risks and impacts on an ongoing basis. Meridian believes that carrying out its activities and its collaborations with others in a manner consistent with the Equator Principles not only promotes sustainable environmental and social performance, but also tends to lead to improved financial performance and long-term value for Meridian’s shareholders.
William Prentice, CEO & Chairman of Meridian, had this to say, “Meridian’s founders and management, in response to the philosophical orientation of its team and to the clear demand for cleaner refineries and refined products in both the consumer and investment markets, has created a new type of refinery and a new kind of refining company that surpasses the permitting requirements of all relevant regulatory jurisdictions.”
Prentice continued: “Meridian adopted this course of action not because of government dictates or to fulfill the terms of government subsidies or funding, but because this is what its founders and management team chose to do in their own enlightened self-interest – create a firm that would be a profitable agent of change in cleaning up one of the most archaic and under progressed segments of the energy industry. The Davis Refinery, Meridian’s flagship facility, will exhibit one-eighth of the pollutant air emissions and less than one-half of total greenhouse gas emissions of the domestic US refinery industry average on a per-barrel basis.”
Lance Medlin, Meridian Executive Vice President and Chief Operating Officer, added, “From day one, Meridian acknowledged that we have broader responsibilities for identifying and managing environmental and social risks and impacts of our projects. Given that, the ESMP was the company’s next step in formally aligning our business strategies with those of the Equator Principles, and our ongoing commitment to implementing them through our internal environmental and social policies,“ said Medlin.
