Rentech Proceeds with Purchase of Site for Commercial Scale Synthetic Fuels Facility
Wednesday October 3, 9:00 am ET
LOS ANGELES--(BUSINESS WIRE)--Rentech, Inc. (AMEX:RTK - News) today announced that it has received approval from the Adams County Board of Supervisors to proceed with the acquisition of approximately 450 acres in Adams County, Mississippi. Rentech intends to build its Natchez Strategic Fuels and Chemicals Center at the site. The facility will produce Rentech's ultra-clean synthetic transportation fuels and specialty chemicals.
D. Hunt Ramsbottom, Rentech's President and Chief Executive Officer, stated, "We are pleased to have located this site for our synthetic fuels and chemicals facility. The site is ideally located with access to multiple feedstocks (pet coke, coal and biomass), central to several product distribution channels including a CO(2) pipeline that services enhanced oil recovery in the region and outside of the direct impact zone of Gulf Coast hurricanes."
Mr. Ramsbottom continued, "The purchase of this site is instrumental in moving this project forward. By using domestic resources with carbon capture and geological sequestration, facilities such as this one will play a critical role in increasing our nation's energy security while reducing our nation's greenhouse gas footprint."
Based on a study conducted by the Department of Energy's National Energy Technology Laboratory, with carbon capture and sequestration as well as a biomass co-feed, the carbon dioxide emissions from the production of fuels from the Fischer-Tropsch process can be 20 percent lower than those generated in the production of petroleum-derived diesel.
Woody Allen, Chairman of the Natchez Adams County Development Authority, said, "Natchez-Adams County is excited about Rentech's decision to commit to exercise the option on the International Paper site. This project will be a great enhancement to the economic progress of not only Natchez-Adams County but to all of southwest Mississippi."
Using the patented Rentech process, the Natchez Strategic Fuels and Chemicals Center will be designed to use petroleum coke or coal supplemented with biomass as gasification feedstocks. The project will initially produce 25,000 barrels per day of ultra clean synthetic fuels and specialty chemicals and will be expandable to 50,000 barrels per day. The proposed facility will sell the carbon dioxide captured during the production process to Denbury Resources for enhanced oil recovery and geological sequestration.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com), incorporated in 1981, provides clean energy solutions. The Company has developed and patented the Rentech Process which transforms under-utilized domestic energy resources into valuable and clean alternative fuels and chemicals. These energy resources include coal, petroleum coke, biomass and municipal solid waste.
Safe Harbor
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the Company's proposed clean synthetic fuels and chemicals complex in Natchez, Mississippi, including the funding for the project, the project design, its production levels and use of carbon dioxide generated from the project. These statements are based on management's current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements include the ability of Rentech to have the financial means to build the proposed project; the suitability of the proposed site for the project; and other factors set forth in the Company's press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech's web site at www.rentechinc.com. The forward-looking statements in this press release are made as of October 3, 2007, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.
Contact:
Rentech, Inc.
Julie Dawoodjee, Director of Investor Relations
310-571-9800, ext. 341
ir@rentk.com
Source: Rentech, Inc.
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