Eastman Chemical Company has exercised its option to purchase Terra Industries, Beaumont, Texas assets, Eastman announced via press release Friday.
The sale, which includes methanol and ammonia facilities, is expected to close on or before January 1, 2009. Further details were not immediately disclosed.
Eastman will incorporate the assets into a previously announced $1.6 billion industrial gasification project it is developing at Beaumont, said Mark Costa, senior vice president of Corporate Strategy.
For the project, Eastman will be the developer, operator, co-investor (50% equity) of a plant that will produce low-cost intermediates such as methanol, hydrogen and ammonia.
Key participants include AirProducts and Chemicals Inc, Fluor Corp and GE Energy.
The sale, which includes methanol and ammonia facilities, is expected to close on or before January 1, 2009. Further details were not immediately disclosed.
Eastman will incorporate the assets into a previously announced $1.6 billion industrial gasification project it is developing at Beaumont, said Mark Costa, senior vice president of Corporate Strategy.
For the project, Eastman will be the developer, operator, co-investor (50% equity) of a plant that will produce low-cost intermediates such as methanol, hydrogen and ammonia.
Key participants include AirProducts and Chemicals Inc, Fluor Corp and GE Energy.
