TexCom Selects Site for 30 Million Gallon Per Year Gulf Coast Biodiesel Plant
HOUSTON, Oct. 3, 2005 -- TexCom, Inc. (OTC Pink Sheets: TEXC) announced today that it has signed a letter of intent with LBC Houston, LP to build and operate a new 30 million gallon per year biodiesel plant at LBC's bulk liquids terminal in Seabrook, Texas.
TexCom plans to construct the multi-million dollar plant that will convert virgin soybean oil into biodiesel and utilize existing on-site storage capacity and other terminal facilities under a long-term lease from LBC. Project design includes the capability to store conventional petroleum diesel, allowing TexCom to blend and market B20 and other biodiesel blends as well as B100. Feedstock will be brought in via barge to the site, located near the Houston Ship Channel, to produce the renewable fuel. The company intends to contract with biodiesel plant builder Lurgi PSI (Memphis, Tennessee) to provide the process technology, design and construct the plant, utilizing their continuous transesterification process.
TexCom is in the process of securing funding for the project with a goal of getting construction underway by mid fourth quarter of 2005. Plans are to have the plant fully operational and producing biodiesel by the fourth quarter of 2006.
Louis A. Ross, President of TexCom states, "By locating our biodiesel production unit at an existing bulk terminal facility, we will be reducing our initial capital cost for the project and, at the same time, increasing our capability to serve the local fuels distribution market."
Mike S. McKinney, President of LBC Houston adds, "By hosting TexCom's Biodiesel plant at its terminal, constructing storage, loading and blending facilities and providing storage and handling services to TexCom, LBC takes a strategic interest in the supply chain of renewable fuel components."
About TexCom: Headquartered in Houston, Texas, TexCom, Inc. is pursuing investment opportunities in certain energy related businesses and developing them to their logical and full commercial potential. Additional information is available on the company web site at www.texcomresources.com
About LBC: LBC Houston, LP, located on Galveston Bay adjacent to the Houston Ship Channel, provides deep water access for ships and barges at the gateway to one of the world's largest petrochemical and refining complexes. The terminal has capacity of over 3.5 million barrels in more than 130 storage tanks.
LBC Houston is part of the internationally operating LBC Tank terminal group, operating some 18 Million barrels of storage capacity in the USA and Europe.
Forward-Looking Statements
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