Global Leader in International Renewable Industry News

posted in:

Delek US - www.youroilandgasnews.com

Delek US Holdings announces agreement to purchase a biodiesel facility in Texas

Thursday, Jan 10, 2013

Delek US Holdings, Inc. (NYSE: DK), a diversified energy company with assets in the petroleum refining, retail and logistics industries, announced that it entered into an agreement to purchase a biodiesel production facility and related assets based in Cleburne, Texas from EQM Technologies & Energy, Inc. (OTCQB: EQTE) for approximately $5.3 million. This transaction is subject to standard closing conditions and is expected to close on or before January 23, 2013.

“This acquisition further integrates our operations by improving our feedstock flexibility for blending biodiesel at our Tyler refinery. We will continue to explore opportunities to grow our business and return value to our shareholders during 2013.

The biodiesel facility has a production capacity of approximately 12 million gallons per year. Delek US intends to spend approximately $3.0 million in capital expenditures during 2013 to improve the feedstock flexibility of this facility. At present, the facility produces biodiesel exclusively for Delek US and its affiliates under a tolling agreement. The tolling agreement will terminate upon completion of this transaction.

“We ended 2012 with approximately $600 million of cash and a net cash position of approximately $240 million, which provides us the ability to take advantage of opportunities to grow and expand our operations,” remarked Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US. “This acquisition further integrates our operations by improving our feedstock flexibility for blending biodiesel at our Tyler refinery. We will continue to explore opportunities to grow our business and return value to our shareholders during 2013.”

Source: Business Wire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Renewable News

Intersolar North America strengthens focus on growing energy storage market 23-04-2014
GDF SUEZ Energy Resources NA again donates renewable energy certificates to the Houston Museum of Natural Science in Honor of Earth Day 23-04-2014
3M celebrates 10-year record of EPA ENERGY STAR sustained excellence award 23-04-2014
SolarWorld powers spread of grass-roots community solar purchasing from coast to coast 23-04-2014
Canadian Solar to supply 43MW of solar modules in Japan 23-04-2014
Nice-Pak products and PDI complete largest Rooftop solar array in Rockland County 22-04-2014
Renewable Energy Group achieves one billion gallon milestone 22-04-2014
KYOCERA invests in solar projects valued at $38M with U.S. Light Energy 22-04-2014
InterGen announces agreement with IEnova for the purchase of 50 percent of the first phase of the EnergĂ­a Sierra Juarez wind project 22-04-2014
Southern Company subsidiary and Turner Renewable Energy strengthen renewable portfolio by closing on second California solar plant 22-04-2014