Cyntech to Re-Start Mont Belvieu Hydrocarbon Processing Plant

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Cyntech Fuels of Chambers County LLC (Mont Belvieu, Texas), a wholly owned subsidiary of Cyntech Technologies Incorporated (OTC: CYNT.PK) (Conyers, Georgia) has purchased the former Placid Oil refinery in Mont Belvieu, Texas with the intent of developing a multi-product hydrocarbon-processing complex.

Cyntech closed on the property back in February of this year and paid only $2 million for the 18-acre site that included a 190,000-barrel tank farm and buildings, mineral rights on the site, and the air quality-operating permit.

The company selected Eagle-Pro Engineering (Beaumont, Texas) to provide process design on a multi-phase project installation that will begin with about $4 million to be spent on the re-opening of the tank farm, adding a 60,000-barrel crude oil storage tank, and infrastructure refurbishment.

The next phase will involve the installation of a $13 million waste oils conversion plant that will process waste oils into No. 2 diesel fuel and burner fuel.

Restarting the refinery itself will require a $25 million investment in a toppings unit that will process 25,000 barrels per day of low sulfur condensate crude into diesel, naphtha, kerosene, and natural gas liquids.

A final phase which is projected to cost about $90 million would add a rubber recycling and recovery plant that would produce LPG's, fuels, and pipeline quality natural gas.

Cyntech recently selected L-Con Constructors Company (Deer Park, Texas) as the prime contractor for the project that is scheduled to begin around January of 2003. The complex is scheduled to be completed and operational by April of 2004.

Frank Meyer, CEO of Cyntech Technologies, added, "Returning this facility to production is our goal, and the agreements with Eagle-Pro and L-Con are two of a series of steps since the purchase that keep us well on schedule."

The products will be sold in Mont Belvieu by utilizing product pipelines in the immediate area of the plant. By having a terminal at the plant site, the company will have the flexibility to develop additional markets for the products, which will increase profit margin with local customers by eliminating pipeline tariffs.

Once completed and fully operational, the company is projecting gross revenues generated from the complex to exceed $370 million annually.

Cyntech is implementing multiple technologies that convert hydrocarbon waste streams to fuels, petrochemicals, and electrical power. ThermOilReTec is a technology that converts waste oil to #2 diesel fuel and burner fuel. ThermReTec is a technology that converts rubber, mixed plastics, and carpet fibers to diesel fuel, LPGs, syngas, and other products, and/or electrical power. The company's technologies are very low emission, closed loop systems. Both technologies solve major environmental problems by efficiently utilizing waste streams that presently are typically land filled or burned and generate revenues three times greater than a recycler would generate using the same feedstock.