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Syntroleum Announces Dynamic Fuels and Mansfield Oil Relationship to Market Advanced Biofuels to Transportation Industry
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12:38 PM ET 2/1/12 | GlobeNewswire
Dynamic Fuels, LLC, operator of the first commercial advanced biofuels plant in the United States, has entered into strategic marketing alliance, commercial off-take and supply chain management agreements with Mansfield Oil Company ("Mansfield") to efficiently distribute synthetic renewable diesel to the commercial fleet vehicle market.
Dynamic Fuels is a 50/50 venture of Tyson Foods, Inc. (NYSE:TSN) and Syntroleum Corporation (Nasdaq:SYNM) that produces next-generation renewable and synthetic fuels from animal fats and greases. The company's Geismar, Louisiana, plant has the design capacity to produce 75 million gallons of renewable diesel, naphtha and LPG per year, of which the primary product is ASTM D975 renewable diesel. Because of its molecular properties (it's a pure hydrocarbon), renewable diesel is a "drop in" fuel that can replace 100% of petroleum diesel in a diesel engine without engine modification.
"Renewable diesel is a sustainable, ultra clean burning, high cetane fuel that reduces carbon emissions up to 70% and significantly reduces particulates and NOx when combusted in existing diesel engines," stated Ron Stinebaugh, senior vice president of Syntroleum Corporation. "We believe our relationship with Mansfield will allow Dynamic Fuels to provide a seamless supply of renewable diesel to fleet customers at prices comparable to ultra-low sulphur diesel, as well as a petroleum diesel backstop if necessary, to ensure reliable supply. Mansfield is the biggest fuel supply chain company in the industry, which gives Dynamic Fuels access to the largest, most recognizable fleet operators in the United States."
Under the strategic marketing alliance, Dynamic Fuels and Mansfield will jointly market renewable diesel. This is expected to provide Dynamic Fuels access to Mansfield's existing commercial accounts while expanding Mansfield's large portfolio of renewable fuel products for its customers. In addition, company officials believe the commercial off-take agreement will also help ensure Dynamic Fuels has immediate access to fleet markets for its renewable diesel. The supply chain management agreement allows Dynamic Fuels to outsource supply chain services to Mansfield, including logistics management, customer service support, invoicing and billing services.
Mansfield markets and distributes over 2.5 billion gallons of fueling products per year to thousands of commercial customers across all 50 states and Canada.
"We're impressed by Dynamic Fuels' position as one of the leading renewable diesel producers in the United States and are confident they will remain the industry leader and a key partner for us," said Doug Haugh, president of Mansfield Oil Company. "Through this partnership, we're working to distribute renewable diesel directly to our fleet customers who are interested in increasing the renewable content of the fuels they consume."
About Syntroleum
Syntroleum Corporation owns the Syntroleum(R) Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining(R) Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining(TM) technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel using inedible fats and greases as feedstock. The 50/50 venture -- known as Dynamic Fuels -- was formed to construct and operate multiple renewable synthetic fuels facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the Company's web site at www.syntroleum.com
Ranked as one of the Top 50 privately held companies in America by Forbes magazine and a multiple category finalist in the 2009, 2010 and 2011 Platts Global Energy Awards, Mansfield defines the next generation transportation fuels company. Founded in 1957, the company has achieved double-digit growth for three decades by focusing on optimizing and controlling fuel-related costs for its customers using innovation, technology and high touch service. For more information, visit www.mansfieldoil.com.
About Tyson Foods
Tyson Foods, Inc., founded in 1935 with headquarters in Springdale, Arkansas, is one of the world's largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. Tyson provides products and services to customers throughout the United States and more than 130 countries. The company has approximately 115,000 Team Members employed at more than 400 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
Forward Looking Statements
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements may include statements relating to the Syntroleum(R) Process, the Synfining(R) Process, our renewable fuels Bio-Synfining(TM) technology, plans to use the Company's various technologies, operational activities of the Company, commercialization of the Company's technologies, certification of Fischer-Tropsch and renewable fuels, performance and use of Syntroleum's cobalt catalyst, and performance and use of fuels derived from the Syntroleum(R) Process and technology test results. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Important factors that could cause actual results to differ from these forward-looking statements include the potential that debt or equity financing for anticipated plants may not be available, the schedule for development, construction and operation of proposed plants may not be met, anticipated appropriation and expenditure of federal monies does not occur, commercial-scale plants do not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technological and mechanical problems, the potential that improvements to Syntroleum's various technologies currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, our dependence on strategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implement corporate strategies, including the continued availability of adequate working capital, competition, intellectual property risks, our ability to obtain financing and other risks described in the Company's filings with the Securities and Exchange Commission.
(R) "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office.
This news release was distributed by GlobeNewswire, www.globenewswire.com
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