Project should increase the Company's reduction of CO 2 e to more than 1 million metric tons each year.
SUGAR LAND, Texas, Oct. 05, 2020 (GLOBE NEWSWIRE) -- CVR Partners, LP ("CVR Partners") (UAN) - Get CVR Partners, LP Report, a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products, today announced that its subsidiary, Coffeyville Resources Nitrogen Fertilizers, LLC ("CRNF"), has generated its first carbon offset credits related to the Company's voluntary nitrous oxide ("N 2O") abatement efforts at its Coffeyville, Kansas, nitrogen fertilizer plant. CVR Partners has utilized similar technology to abate N 2O at its East Dubuque, Illinois, nitrogen fertilizer plant since 2011.
CRNF previously entered into a Joint Development Agreement with ClimeCo, a pioneer in the development of emission-reduction projects for nitric acid plants, to jointly design, install and operate a tertiary abatement system at one of its nitric acid plants in Coffeyville. The system was designed to abate 94 percent of all N 2O in the unit while preventing the release of approximately 450,000 metric tons of carbon dioxide equivalent ("CO 2e") on an annualized basis. CVR Partners' N 2O abatement systems at its East Dubuque facility's two nitric acid plants have abated, on average, the annual release of approximately 233,000 metric tons of CO 2e during the past five years. With the Coffeyville system now operating at design capacity, CVR Partners' two fertilizer facilities should abate more than 1 million metric tons of CO 2e each year, in combination with the Coffeyville facility's carbon dioxide ("CO 2") sequestration efforts.
"As a leader in the production of environmentally friendly 'green' nitrogen fertilizer, CVR Partners is proud to have generated its first carbon offset credits as a result of our voluntary nitrous oxide abatement project in Coffeyville, Kansas," said Mark Pytosh, Chief Executive Officer of CVR Partners' general partner. "Coupled with our Coffeyville CO 2 sequestration efforts, this facility is uniquely qualified to produce hydrogen and ammonia that is certified 'blue' to a market that is increasingly demanding reduced carbon footprints. These efforts support our core Values of Environment and Continuous Improvement, and our goal of continuing to produce nitrogen fertilizers that feed the world's growing population in the most environmentally responsible way possible."
CVR Partners' N 2O abatement project is registered with the Climate Action Reserve (the "Reserve"), a carbon offset registry for the North American market. The Reserve employs high-quality standards and an independent third-party verification process to issue its carbon credits, known as Climate Reserve Tonnes.
About CVR Partners, LPHeadquartered in Sugar Land, Texas, CVR Partners, LP is a Delaware limited partnership focused on the production, marketing and distribution of nitrogen fertilizer products. It primarily produces urea ammonium nitrate (UAN) and ammonia, which are predominantly used by farmers to improve the yield and quality of their crops. CVR Partners' Coffeyville, Kansas, nitrogen fertilizer manufacturing facility includes a 1,300 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a dual-train gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. CVR Partners' East Dubuque, Illinois, nitrogen fertilizer manufacturing facility includes a 1,075 ton-per-day ammonia unit and a 1,100 ton-per-day UAN unit.
About ClimeCoClimeCo is an Inc. 5000 company that is a respected advisor, transaction facilitator and trader of environmental commodity market products. Specialized expertise in regulated carbon, regional criteria pollutant trading programs, voluntary markets, and project development and financing of GHG abatement and mitigation systems complement ClimeCo's diverse portfolio. For more information or to discuss how ClimeCo can drive value for your organization, contact them at (484) 415-0501, firstname.lastname@example.org or through their website at www.climeco.com.
Forward-Looking StatementsThis news release contains forward-looking statements. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are "forward-looking statements," as defined under federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: abatement of N2O at Coffeyville and East Dubuque and credits relating thereto, operation of tertiary abatement systems including performance thereof, CO2 sequestration, production of "blue" hydrogen and ammonia and certification thereof, market demand, environmental impact of CVR Partners' activities, registration with the Reserve including standards and verification thereof, and other factors. You can generally identify forward-looking statements by our use of forward-looking terminology such as "outlook," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond CVR Partners' control. Investors are cautioned that various factors may affect these forward-looking statements. For additional discussion of risk factors which may affect CVR Partners' results, please see the risk factors and other disclosures included in CVR Partners' most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and its other SEC filings. These risks may cause CVR Partners' actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by forward-looking statements. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Partners disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
For further information, please contact:
Investor Relations:Richard RobertsCVR Partners, LP (281) 207-3205 InvestorRelations@CVRPartners.com
Media Relations:Brandee StephensCVR Partners, LP(281) 207-3516 MediaRelations@CVRPartners.com