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June 9, 2014
17:15 EDTCLMTCalumet Specialty Products invests in gas-to-liquids joint venture
Calumet Specialty Products Partners announced its investment as a joint venture partner in the construction of a commercial gas-to-liquids plant that is expected to produce 1,100 barrels per day of refined products, including waxes, drilling fluids, distillate and naphtha, from natural gas. The Lake Charles, Louisiana plant, which is expected to be operational by late 2015, has a total estimated cost of $135M. The brownfield plant will be owned and operated by Juniper GTL, a company also co-owned by SGC Energia and Great Northern Project Development and will be funded through a combination of equity and senior secured debt. Calumet intends to invest $25M in exchange for an equity interest of approximately 22% in the joint venture. The Juniper GTL process starts with the reforming of natural gas into a mixture of hydrogen and carbon monoxide. These gases are then sent to a reactor, where they combine into a paraffinic liquid through a reaction known as Fischer-Tropsch. The resulting liquid is ultimately refined by distillation and hydrogenation. The whole process, guaranteed under a single GTL license, focuses on the reliable, profitable production of high quality specialty and fuels products.
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