Eastman Sells Gasification Project

Eastman Chemical has entered into a definitive agreement with Zero Emission Energy Plants (ZEEP; Houston) to sell its interests in a planned gasification project at Beaumont, TX. Eastman suspended work on the project in late 2009. The project will convert petroleum coke into hydrogen and pipeline quality carbon dioxide (CO2). The transaction is expected to close in second-quarter 2011. Terms of the agreement were not disclosed. “ZEEP is anxious to continue the work started by Eastman on the Beaumont site,” says Ron Oligney, CEO of ZEEP. “This...

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