Lake Charles Clean Energy Announces Contracts With BP, Air Products And Denbury; Advances First-in-the-Nation Project With State-of-the-Art Gasification For Clean Fuels
BP (NYSE: BP) ranks as one of the top five refiners in the U.S., with capacity to process up to 1.5 million barrels of crude oil every day. The company is the nation's second largest producer of oil and gas, a major oil refiner and a leader in alternative energy sources including wind power and biofuels. BP provides enough energy each year to light the entire country. With 23,000 U.S. employees, BP supports nearly a quarter of a million domestic jobs through its business activities. For more information about BP, please visit www.bp.com.
About Air Products
Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. More than 20,000 employees in over 50 countries supply innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2012, Air Products had sales approaching $10 billion. For more information, visit www.airproducts.com.
About DenburyDenbury Resources Inc. (NYSE: DNR) is a growing independent oil and natural gas company. The Company is the largest combined oil and natural gas operator in both Mississippi and Montana, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds significant operating acreage in the Rocky Mountain and Gulf Coast regions. The Company's goal is to increase the value of acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with its most significant emphasis relating to tertiary oil recovery operations. For more information about Denbury, please visit www.denbury.com. This press release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Although Leucadia believes any such statement is based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of factors that may cause results to differ, see Leucadia's reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 and its Annual Report on Form 10-K, as amended, for the year ended December 31, 2011. These forward-looking statements speak only as of the date hereof. Leucadia disclaims any intent or obligation to update these forward-looking statements. Lake Charles Clean Energy LLC FACT SHEET: LAKE CHARLES CLEAN ENERGY LLCProject Highlights October 29, 2012 Feedstock
- At design, annual usage of approximately 2.4 million tons of petroleum coke or petcoke.
- Petcoke is an energy-rich waste byproduct produced from refining heavy crude oil, high in sulfur content.
- 25 percent of world's petcoke is produced within 300 miles of the LCCE site.
- LCCE will use advanced gasification technology to avoid harmful emissions while extracting energy from petcoke. LCCE will cleanly convert the feedstock chemically under high temperature and pressure to create clean synthesis gas with very low emissions.
- LCCE is expected to be one of the world's lowest-cost producers of methanol. Over 1 million metric tons of methanol will be produced each year, with the majority already committed under long-term off-take contracts.
- All of the hydrogen and argon produced annually will be sold under long-term off-take agreements.
- Approximately 400 thousand tons of sulfuric acid will be produced annually from the sulfur in the feedstock and is expected to be sold into the industrial market under long-term off-take agreements.
- Facility to employ state-of-the-art technology to capture and sell approximately 90 percent of its CO2 for enhanced oil recovery.
- Approximately 4.5 million tons annually will be sold to Denbury Onshore LLC for use in enhanced oil recovery operations in the Gulf Coast Region (estimated to result in additional domestic oil recovery of 6 million to 9 million barrels.)
- As a result of using gasification technology and state-of-the-art controls, permitted emissions will create zero liquid discharge of gasification process water and limited Sulfur Dioxide or Nitrogen Oxides emissions. In addition, 90 percent of the Carbon Dioxide will be captured and used for enhanced oil recovery operations.
- Financial close is expected in 2013 and achieve commercial operations in the second half of 2016.
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