Greenhunter recovering from Hurricane Ike
Sep 30, 2008 1:50 PM
Greenhunter Energy Inc, Grapevine TX, reports that its Houston TX biofuels refinery has been substantially cleaned of layers of mud, spilled materials, and debris from flooding. Major mechanical and operational components of the refinery remain intact.
The receipt and installation of necessary electrical components from third parties is the primary reason for delay in restarting operations.
The company said it expects the US Coast Guard will approve its barge docking facilities for resumption of operations, enabling the company to begin moving products and feedstock early this week (September 30). The company continues on target to meet the estimate of resumption of operations on or before October 31, 2008.
The existing inventory lost due to Hurricane Ike included canola oil, methanol, and sodium methylate, all of which are covered under existing cargo insurance with a minimum deductible. The company had a substantial amount of finished product inventory in bulk storage facilities that appears predominantly free from contamination due to the storm. A significant portion of this in-spec biodiesel has recently been contracted for sale to a third party. Deliveries will begin on or about October 10, 2008, and should be completed prior to October 31, 2008.
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