HOUSTON, May 24, 2011 /PRNewswire/ -- Endicott Biofuels,
LLC (EBF) and Holly Biofuels, a wholly-owned subsidiary of
Dallas-based petroleum refiner
Holly Corporation (NYSE-HOC), announced today their formation of
Sabine Biofuels LLC to partner on a 30 million-gallon-per-year
biorefinery currently under construction in Port Arthur, Texas.
Sabine Biofuels will employ Davy technology which is proven,
patent-protected and licensed to EBF in North America. The Port Arthur facility,
using this technology, will convert a full range of inedible,
renewable fats or oils, in any proportion, to high quality
biodiesel.
"This joint venture will assist Holly in meeting its biofuel
obligations under the federal Renewable Fuel Standard," said
George Damiris, senior vice
president for Supply and Marketing of Holly. "We are looking
forward to our partnership with Endicott on this venture, and
possibly others in the future."
"We are extremely pleased to join forces with Holly on this
opportunity," said David Robinson,
Chief Executive Officer of EBF. "Both of our companies
understand the value of finding renewable, economic sources of
transportation fuel to supplement traditional petroleum sources.
We believe the combination of Endicott's unique, proven
process with Holly's industry-leading petroleum refining,
distribution and marketing capability will make Sabine Biofuels the
absolute leader in biorefining."
EBF's private equity partner is Houston-based Haddington Ventures, LLC.
About Holly Corporation
Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum
refiner and marketer that produces high value light products such
as gasoline, diesel fuel, jet fuel and other high value specialty
products. Holly operates through its subsidiaries a 100,000
barrels per stream day ("bpsd") refinery located in Artesia, New Mexico, a 125,000 bpsd refinery
in Tulsa, Oklahoma and a 31,000
bpsd refinery in Woods Cross,
Utah. A subsidiary of Holly also owns a 34% interest
(including the general partner interest) in Holly Energy Partners,
L.P. For further information, visit www.hollycorp.com.
About Endicott Biofuels, LLC
Headquartered in Houston,
Texas, Endicott Biofuels, LLC is a second-generation
biodiesel company possessing proven exclusive differentiating
technology. EBF is building world-class biorefineries with
the goal of adding to the domestic supply of economically renewable
transportation fuel. EBF expects its products to be cost
competitive with petroleum based fuels. For further
information, visit www.endicottbiofuels.com.
About Haddington Ventures, LLC
Haddington Ventures, LLC, through its private equity funds,
generally makes control oriented investments in companies focused
on gathering, separation, processing, treating, compression,
storage, and transmission of energy. Haddington principals
developed many of the independent high-deliverability natural gas
storage facilities in the U.S. Haddington is unique in that
it is the only midstream energy fund in which all principals have
substantial direct operating company experience, both in
energy-related acquisitions and in energy infrastructure
development. For more information, visit www.hvllc.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to,
statements about future financial and operating results, the
predictability of commodities markets and raw material markets.
Such statements are based upon the current beliefs and
expectations of EBF's management and are subject to
certain risks and uncertainties, including, but not limited to,
competitive market pressures, changes in foreign currency and
exchange rates, international trade risks, changes in policy by
foreign governments, and changes in environmental and other
governmental regulation. Actual results may differ from those
set forth in the forward-looking statements.
SOURCE Endicott Biofuels, LLC