Valero Planning Equity Investment In Michigan Biorefinery

By San Antonio Business Journal

Valero Energy Corp., the nationâ¿¿s largest independent oil refiner, reached a deal with Mascoma Corp. and its Frontier Renewable Resources LLC subsidiary to help finance the construction of one of the worldâ¿¿s first commercial scale cellulosic ethanol biorefineries.

Under the terms of the agreement, Valero plans to invest up to $50 million in the facility, to be located in Kincross Charter Township, Mich. The biorefinery should have an annual production of 40 million gallons of low-carbon cellulosic ethanol. The refinery will turn hardwood pulp into ethanol.

San Antonio-based Valero (NYSE: VLO) owns 15 petroleum refineries, 10 ethanol plants, a wind farm and a network of 5,800 retail and wholesale gas stations.

For more information, visit this link.

www.mascoma.com

Copyright 2011 American City Business Journals

http://www.bizjournals.com/sanantonio/news/2011/01/13/valero-planning-equity-investment-in.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

U.S. Drillers at Mercy of Iran, Saudi Production Spat as OPEC Meeting Begins

U.S. Drillers at Mercy of Iran, Saudi Production Spat as OPEC Meeting Begins

Oil Prices Slide as Saudi Energy Minister Suggests OPEC Output Deal Imminent

Oil Prices Slide as Saudi Energy Minister Suggests OPEC Output Deal Imminent

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets