20 August 2013 23:30 [Source: ICIS news]
HOUSTON (ICIS)--BioNitrogen has received approval from Louisiana officials to issue up to $1.25bn (€938m) in tax-exempt bonds that will be used to build five plants in Pointe Coupee Parish, the fertilizer producer announced on Tuesday.
The decision was issued by the Louisiana Attorney General following approval in April from the state bond commission to issue the bonds, which Florida-based BioNitrogen will use to acquire, develop and construct five fertilizer facilities.
These operations will take regional biomass supplies from farming, timber and mining activities and turn it into urea through a gasification technology process and catalytic conversion.
“Receiving the approval is a significant step forward in establishing the financial foundation for the first plant in Point Coupee. The Florida plant currently in the process of being designed will be able to produce 520 tons [472 tonnes] per day of high quality urea and we expect that the initial plant in Pointe Coupee will be able to leverage off of the completed designs,” said Bryan Kornegay, president of BioNitrogen.
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