Business Services Industry
Texaco and Rentech Announce Technical Services Agreement
Business Wire, June 17, 1999
HOUSTON--(BUSINESS WIRE)--June 16, 1999--
Texaco (NYSE:TX) and Rentech (Nasdaq:RNTKC) announced today the signing of a Technical Services Agreement to research the integration of Rentech's "Fischer-Tropsch" technology with Texaco's gasification process. The goal is to produce a clean burning, sulfur- and aromatic-free diesel fuel.
The Agreement between Rentech and Texaco Energy Systems Inc., a subsidiary of Texaco Inc., is a follow-up to a Licensing Agreement between the two companies signed on Oct. 8, 1998. The new Agreement calls for technical and developmental work to be carried out at the Rentech research and development facilities in Denver. The companies will work to maximize the hydrocarbon yield from synthesis gas produced by the Texaco gasification process. Work has already begun and will be carried out over the next 18 months.
The Texaco gasification process is a proprietary technology for producing synthesis gas from a broad range of feedstocks such as coal, petroleum coke, residual oils and byproducts generated in refineries and chemical plants. Worldwide, there are 68 Texaco-owned or licensed gasification plants operating or under construction.
Texaco Energy Systems Inc. is working to develop commercially viable, environmentally beneficial fuel conversion systems, which use hydrocarbon feedstocks. In addition, Texaco Energy Systems is pursuing the application of its gasification process to fuel cell technologies for transportation and distributed power systems.
Rentech Inc., a Denver, Colorado-based holding company, is the developer, marketer and licensor of a patented and proprietary process for the conversion of gases and solid carbon-bearing materials into valuable liquid hydrocarbons such as clean-burning, sulfur-free diesel fuel, naphtha and other high value products.
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