Tyson synthetic fuel JV completes initial funding

16 July 2007 16:44  [Source: ICIS news]

HOUSTON (ICIS news)--Initial funding has been completed for Dynamic Fuels, a synthetic-fuel joint venture formed by Tyson Foods and Syntroleum, the latter company said on Monday.

Each company contributed $4.25m to the venture, Syntroleum said in the statement.

Syntroleum provided its share of the funding by selling off common stock under its existing purchase agreement with Azimuth Opportunity.

The joint venture will spend the money on site selection, engineering and process design preparations for the first commercial plant, Syntroleum said.

The plant will be in south-central US and have a capacity to make 75m gal/year of synthetic fuel using feedstock supplied by Tyson.

Construction should start in 2008, and production should start in 2010, the companies said in an earlier statement. The plant will cost $150m (€110m) and create 65 jobs.

($1 = €0.73)

By: Al Greenwood
+1 713 525 2653

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