Thursday AM October 30th, 2008
by: Ed Mayberry, October 30, 2008 12:10:00 am
Hunton Energy plans a refinery to convert tar-like Canadian bitumen crude oil into jet and diesel fuel. The project includes a gasification facility for capturing most carbon emissions, which will be sold to the oil and gas industry. CEO R.O. Hunton says established technology is being utilized.
"Too long I've heard people say 'gasification is not here, it's just not...' well, that's just nonsense. Gasification is definitely here and there (are) lots of projects all over the world. The question is whether or not the business world wants to make the investment into these new paradigms that change a lot of different things. Well, we're moving ahead."
Hunton says the new refinery is a "game-changer."
"And every time we start to look at alternate energy and every time we start to look at gasification and different types of technology, oil prices (and) gas prices go down, Wall Street looks at it and Wall Street says 'we don't want to spend this extra money. We can buy this energy overseas. It's cheap.' All development stops and the cycle repeats itself. We've got to do this."
Hunton Energy is breaking ground next year on a $2.8 billion gasification facility at the Dow Chemical complex in Freeport, and the new refinery may be built at that site.
Ed Mayberry, KUHF Houston Public Radio News.