| USA. Nova to build Oklahoma biodiesel refinery at Port of Muskogee Industrial Park |
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| Friday, 20 October 2006 | |
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Company news: Nova Biosource Fuels, Inc. (BULLETIN BOARD: NVAO) has announced that it has signed an agreement with Muskogee City-County Port Authority in Muskogee, Okla. to lease 28 acres in the Port of Muskogee Industrial Park for the construction of a 60 million- gallon-per-year biodiesel refinery. The lease provides for an initial 10-year term, with up to three additional 10-year renewal terms, and allows Nova a four-month inspection period. Engineering and procurement for the Oklahoma facility has been initiated by Nova with respect to long lead-time items such as stainless steel and other important process equipment. Nova intends to commence the Oklahoma EPA permitting process shortly. Nova expects to begin construction after the permitting process is completed and financing is secured. "We chose the Port of Muskogee because its easy access to the Arkansas and Mississippi Rivers allows us to transport biodiesel efficiently and economically," said Kenneth T. Hern, Chairman and CEO of Nova. "The State of Oklahoma and the Muskogee City-County Port Authority have demonstrated their commitment to help ease America's dependence upon foreign oil, and for a better environment, by supporting alternative fuel projects such as this. We look forward to working in partnership with them going forward." "We have recently had an overwhelming interest in biofuels production here at the Port," said Scott Robinson, Port of Muskogee Director. "After evaluating the potential tenants, we have chosen Nova due to its environmentally safe process and sustainable economics." About the Port of Muskogee, Oklahoma The Port of Muskogee is a full-service facility that offers easy access to rail, truck and barge transportation. Its inland location along the McClelland-Kerr Navigational system allows freight to be transported to the Gulf Coast and around the world via the Arkansas and Mississippi Rivers. |
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| Last Updated ( Friday, 20 October 2006 ) |
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