RBTT
Merchant closes ethanol distillery deal
The Trinidad Guardian
Port
Spain
Petroleumworldtt.com
10 29 06
RBTT Merchant Bank has signed a deal to finance
the construction of an ethanol distillery in St
Croix, which will produce a component in cleaner
fuels for the US market.
The
US$13.5 million syndicated loan was closed with
US Virgin Islands company GeoNet Ethanol LLC. The
funds will be used for the construction of a state-of-the-art
ethanol dehydration facility on the island’s
south shore.
Ethanol
is derived from corn and sugar cane and its use
as a gasoline additive is becoming more widespread
as the US seeks to use more sustainable forms of
energy and lessen its reliance on foreign oil sources.
The
plant will dehydrate fuel-grade ethanol, using an
extractive distillation process applied against
a hydrous or wet ethanol product. The hydrous ethanol
will be supplied by international companies, initially
from Brazil. After distillation, GeoNet will ship
the dehydrated ethanol to fuel companies in the
US.
The
GeoNet ethanol dehydration facility will be constructed
on the site of the former alumina plant on St Croix,
now owned by the St Croix Renaissance Group, and
currently operated as an industrial park. The dehydration
unit will utilise the site’s existing infrastructure
and facilities.
The Trinidad Guardian
Thursday 26th October 2006
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©2006 Trinidad Guardian. All Rights Reserved.
