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Rentech deal set to close
Paperwork for project could be completed Friday
Published Thursday, May 15, 2008
NATCHEZ — After nearly two months of delays the Rentech land deal is slated to close on June 1 — it may even happen earlier.
Attorney Bob Latham, hired by Adams County to facilitate the closing, said the final paperwork could be completed as early as next Friday.
After the March closing was postponed, June 1 became the new target date for closing.
“Things are going well,” he said.
The deal that would have transferred several hundred acres of land from International Paper to Rentech was supposed to have been completed at the end of March.
However days before the scheduled closing a 60-day postponement was announced.
At the time Rentech’s vice president for corporate and government communications, Tom Sayles, said there were issues that needed to be clarified before the deal could close.
On Wednesday Latham said all necessary documentation had been circulated to those possessing mineral rights on the land, and that the documents had been signed and returned or were expected back with in days.
While Rentech officials have not confirmed the possible early closing date yet, Sayles said the project is still scheduled to close prior to June 1.
“Progress is ongoing,” he said.
And progress has been going on.
Latham said while the mineral rights issues postponed the project, work on the closing never stopped.
While resolution was being sought with the mineral rights Latham said the paperwork between all involved parties continued to circulate.
“We haven’t stopped working,” he said.
President of the Adams County Board of Supervisors, Henry Watts, said he was thrilled to see the deal near a closing.
“We look forward to Rentech getting their plant up and running,” he said.
But just when the plant will be up and running is not known.
Rentech’s senior vice president of operations, John Diesch, said once the deal is closed there won’t be a great deal of activity at the site initially.
Diesch said engineering work and some maintenance work on existing buildings still needs to be completed before actual construction can start.
Once operational, Rentech’s plant will make several different chemicals including an ultra clean burning fuel.
Comments
Posted by redusmfan (anonymous) on May 15, 2008 at 9:34 a.m. (Suggest removal)
This is good news. I hope that this deal will go through and that they will build the plant in Adams County and employee many from the area and surrounding area.
Good luck in getting this built. I hope you all the best.
Posted by mike8427 (anonymous) on May 15, 2008 at 12:43 p.m. (Suggest removal)
This is good, I am curious to see if people are still going to blast rentech like they used to when the project was being delayed.
Posted by natchezsouthside (anonymous) on May 15, 2008 at 12:57 p.m. (Suggest removal)
no one has anything to say? Wow.
Posted by rushinghjr (anonymous) on May 15, 2008 at 3:37 p.m. (Suggest removal)
Sounds good for Natchez and Adams County!
Posted by shedevil (anonymous) on May 15, 2008 at 3:47 p.m. (Suggest removal)
this is really some great news....but gotta see it to believe it.why havent they told the public that they are not going to use coal to make the fuel out of...i still say its a money making scam on the oil lease and land deal...
Posted by EnKiKur (Marty Ellerbe) on May 15, 2008 at 4:01 p.m. (Suggest removal)
All they have done is set a new date for closing on the land deal. I hope someone builds a plant out there too.
Posted by gemccull (Gary McCullars) on May 15, 2008 at 4:19 p.m. (Suggest removal)
Rentech's Synthetic Fuels and Chemicals Facility in Colorado Mechanically Complete
First Production Expected End of June 2008
LOS ANGELES--(BUSINESS WIRE)--May 14, 2008--Rentech, Inc. (AMEX:RTK) announced today that all systems required to start-up the Company's Product Demonstration Unit ("PDU") in Commerce City, Colorado are mechanically complete. Commissioning and start-up of the facility will commence over the next few days.
The PDU is designed to produce approximately 420 gallons per day of synthetic fuels and chemicals including ultra-clean diesel and aviation fuels. Initial production at the facility will be focused on producing jet fuel and specialty chemicals from natural gas. As gasification is added to the PDU, fuels and specialty chemicals could be produced from a wide variety of biomass and fossil resources.
The Company expects to produce syngas at the PDU in the next few days with the balance of the facility to be started-up sequentially over the coming weeks. First fuel production at the PDU is expected around the end of June upon the successful operation of all equipment and processes. Rentech's PDU will be the only synthetic fuels facility operating in the United States.
D. Hunt Ramsbottom, President and CEO of Rentech, said, "Achieving mechanical completion at the PDU paves the way for the imminent production of clean synthetic fuels and chemicals at the site. We are excited about our potential opportunities with prospective customers, licensees and partners once we begin providing testing samples of our fuels and chemicals."
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 natural gas, biomass, municipal solid waste, petroleum coke and coal. Rentech Energy Midwest Corporation manufactures and sells fertilizer products including ammonia, urea ammonia nitrate, urea granule and urea solution to the corn-belt region.
Posted by james (anonymous) on May 15, 2008 at 7:10 p.m. (Suggest removal)
RTK STOCK Monday 1.23 Today 1.65 its a great deal get in early and buy as much as I have! A LOT Also check out SASOL its a company in South Africa thats doing the same thing synthetic jet fuels?
Posted by NatchezEnema (anonymous) on May 15, 2008 at 7:23 p.m. (Suggest removal)
More good news will be in the paper Friday, about the new casino! Look for it.
Posted by gemccull (Gary McCullars) on May 15, 2008 at 7:48 p.m. (Suggest removal)
Interesting info for Rentech
http://phx.corporate-ir.net/phoenix.zhtm...
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