11 January 2013 18:42 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Delek US Holdings, a refiner and logistics company, confirmed on Friday the completion of the purchase EQM Technologies & Energy's biodiesel facility in Cleburne, Texas.
The biodiesel facility has a production capacity of approximately 12m gal/year (45m litres/year), according to Delek.
Delek US said it intends to spend approximately $3m (€2.25m) during 2013 to improve the feedstock flexibility of this facility.
"We are pleased to have closed this transaction, as we have achieved value for our stockholders and have improved our balance sheet,” said James Wendle, COO of EQM. “We will now turn our attention to growing our environmental services business and pursuing strategic acquisitions."
EQM's tolling agreement to produce biodiesel for Delek was terminated concurrent with the completion of the transaction, according to EQM.
Biodiesel is an alternative fuel produced from renewable resources. The most commonly used feedstocks are rapeseed, soy and palm oil.
($1 = €0.75)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections