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