Get the latest delivered to your inbox
Privacy Policy

Now Reading

TexCom Announces Plans for Second Gulf Coast Biodiesel Plant

TexCom Announces Plans for Second Gulf Coast Biodiesel Plant

Published 11-10-05

Submitted by TexCom

HOUSTON - TexCom, Inc. (OTC Pink Sheets: TEXC) announced today that it has signed a lease agreement with Puerto Los Caballeros Properties, LP (PLC) for a site in Corpus Christi, Texas on which TexCom plans to build and operate a new 30 million gallon per year biodiesel plant.

The announcement comes close on the heels of an earlier disclosure by TexCom of plans to build a biodiesel plant at the LBC Houston Terminal at Seabrook, Texas.

TexCom plans to construct the second biodiesel process unit at the 11.6 acre Corpus Christi location, utilizing on-site storage capacity and other terminal facilities to be provided by Puerto Los Caballeros under a long-term lease. PLC estimates it will invest in the range of $6 to 9 million for construction of new facilities at the site, including tankage, transport loading racks, utility connections and other infrastructure. The facility will include the capability to store conventional petroleum diesel, allowing TexCom to blend and market B20 and other biodiesel blends as well as B100. Feedstock for the plant will be virgin soybean oil that will be brought in via barge or rail to the site, located on the Corpus Christi Ship Channel. The company intends to negotiate a lump sum, turnkey Engineering, Procurement and Construction Contract for design and construction of the biodiesel plant. In connection with the project, TexCom is negotiating with Top Water Management, LLC (an affiliate of PLC) to enter into a marketing agreement for sales and distribution of B100 and B20 produced at the new Corpus Christi facility.

TexCom is in the process of securing funding for the biodiesel process unit with a goal of getting construction underway by the end of this year. Plans are to have the plant fully operational and producing biodiesel by the end of 2006.

Louis A. Ross, President of TexCom states, "This agreement provides us the opportunity to have a second biodiesel production facility in Texas that is strategically located for receipt of raw materials and access to fuel distribution markets. The experienced management group behind Puerto Los Caballeros adds very significant value to this development of biodiesel production in South Texas."

Daniel J. Murphy, President of PLC adds, "The management group at PLC is excited about this opportunity. It is not that often that you have the chance to provide customers with an essential energy product that is both environmentally friendly and competitively priced. We see Biodiesel as the fuel for today, tomorrow, and beyond. "

About TexCom: Headquartered in Houston, Texas, TexCom, Inc. is pursuing investment opportunities in certain energy related businesses and developing them to their logical and full commercial potential. Additional information is available on the company web site at www.texcomresources.com

About Puerto Los Caballeros, LP: Headquartered in Corpus Christi, Texas, PLC is the owner of various strategically located real estate holdings along the Gulf of Mexico that are able to add value and validity to projects that require waterborne access.

Forward-Looking Statements
This press release may contain forward-looking information within the
meaning of Section 21E of the Securities Exchange Act of 1934 that involves significant risks and uncertainties, and is subject to the safe harbors created by this section. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals.

All such forward-looking statements, whether written or oral, and whether made by, or on behalf of TexCom, Inc. are expressly qualified by the cautionary statements and any other cautionary statements which accompany the forward-looking statements. Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date hereof. We undertake no duty to update these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us which attempt to advise interested parties of the additional factors which may affect our business. The information contained on any website referenced in this press release is not part of this release.

TexCom

TexCom

More from TexCom

Join today and get the latest delivered to your inbox