Issue Date: June 9, 2008
Eastman Reorganizes Gasification Projects
Eastman Chemical is acquiring the 50% stake in a $1.6 billion gasification project proposed for Beaumont, Texas, from its partner Green Rock Energy, a company formed by Goldman Sachs and the venture capital firm D. E. Shaw. The purchase makes Eastman the sole owner and developer of the project, which will gasify petroleum coke to make hydrogen, methanol, and ammonia. At the same time, Eastman is selling its 25% stake in a similar project in St. James Parish, La., to Green Rock. Eastman says the Texas project offers more product diversity than the Louisiana one, which is intended more for fertilizers.
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