Gulf Ethanol Corp. (OTC:GFET), a Houston-based alternative energy company announced today that they have conducted a preliminary onsite assessment of a facility for ethanol production and blending near the Port of Houston. The initial inspection indicates that the utility requirements including power and water are more than adequate. The site is also serviced by a rail spur and could accommodate the storage and handling of a large quantity of feedstock. Gulf Ethanol continues to assess the general layout of the site to assure access, tank spacing and feedstock storage. The site is being evaluated to accommodate a production facility of 30 million gallons per year of ethanol. Continued engineering studies will be required to determine construction costs and permitting as well as the time line for implementation.
“Current US demand of ethanol outstrips supply by almost 80%,” said JT Cloud, President of Gulf Ethanol. “The lack of blending facilities is a bottleneck in the current markets,” he added. “We plan to be a solution to America’s energy needs,” he continued.
Mr. Cloud explained that one of the factors for success is location. “This plant is located within a few hundreds yards of the port and has its own rail spur in the backyard in addition to 23 acres available acres for expansion,” he continued. In addition to the rail spur, the location also has on hand its own hazardous waste disposal area maintained and monitored by the State of Texas Dept of Environmental Quality.
The Bayport Industrial District is one of America’s largest industrial parks and the center of the nation’s largest concentration of petrochemical production. Covering more than 10,500 acres, Bayport employs more than 7,500 workers and contributes more than $1 billion per year to the region’s economy. More than 60 of the world’s most prominent industrial firms have plants or other sites in Bayport, including BP Amoco Corporation (NYSE: BP), Lyondell Chemical Company (NYSE: LYO), Dupont (NYSE: DD) and Hoechst Celanese (NYSE: CE).
About Gulf Ethanol Corporation
Gulf Ethanol will produce, distribute, and blend biofuels. Headquartered in Houston, Gulf Ethanol began as an importer of ethanol based fuel for blending operations from South America and the Caribbean Islands. For more information please visit our homepage at: www.GulfEthanolCorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
