Faustina Hydrogen Products Petroleum Coke Gasification Project

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in June 2007 Faustina Hydrogen Products, a subsidiary of U.S. TransCarbon LLC, announced plans to build a petroleum coke gasification project adjoining Mosaic Fertilizer's phosphate manufacturing plant in St. James Parish, Louisiana. (U. S. TransCarbon LLC was described in an article as being "primarily owned by Green Rock Energy, L.L.C., a company formed by the D.E. Shaw group and Goldman, Sachs & Co. to invest in coal and petcoke gasification projects".

It was reported that "the proposed facility would use petroleum coke and high sulfur coal as feedstocks to produce anhydrous ammonia for agriculture, methanol, sulfur and industrial grade carbon dioxide. The carbon dioxide will be sequestered and sold as an industrial feedstock and for enhanced recovery of “stranded” oil reserves in oil fields along the Gulf Coast."

It was reported that the proposed commissioning date would be 2010 and that Denbury Resources "has agreed to purchase nearly all the carbon dioxide, which will be used for enhanced recovery of oil stranded or left behind after traditional rig drilling, revitalizing old oil fields throughout south Louisiana and the Gulf Coast."

Financing

In August 2008 it was reported that the Louisiana State Bond Commission had given preliminary approval for $1 billion in bonds for the project, the "largest bond issue approved by the Louisiana State Treasury in 2007."

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