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ZEEP to Purchase Eastman TXE Gasification Project

Source: www.gulfoilandgas.com 1/21/2011, Location: North America

Zero Emission Energy Plants Ltd. (ZEEP) announced it has entered into a definitive agreement with Eastman Chemical Company Investments, Inc., to purchase all of the membership interests of TX Energy, LLC (TXE). Eastman Chemical Company Investments, Inc., is a subsidiary of Eastman Chemical Company. TXE is engaged in developing a gasification facility in Beaumont, Texas. The facility will convert petroleum coke, an oil refining waste product, into hydrogen (H2) and pipeline quality carbon dioxide (CO2).

The transaction is expected to close during the second quarter of 2011. The terms of the agreement are not being disclosed at this time.

"ZEEP is anxious to continue the work started by Eastman on the Beaumont site," said Ron Oligney, ZEEP chief executive officer. "We look forward to being part of the Beaumont community and contributing to local and state economic development by employing up to 1,500 during construction with about 250 permanent jobs."

"This site is uniquely suited for a gasification facility that converts waste petroleum coke into clean energy products," Oligney continued. "The primary off-take will be hydrogen, an important clean energy feedstock for transportation fuels, fertilizers and chemicals. Carbon dioxide produced from the facility will be captured and used to boost oil production in fields near Beaumont and through an existing CO2 pipeline network. This is truly a good news story for expanding clean energy, manufacturing and employment in America."

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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