PLYMOUTH, Minn., April 10 /PRNewswire-FirstCall/ -- The Mosaic Company
(NYSE: MOS) announced today that Mosaic Fertilizer LLC, a wholly-owned
subsidiary of The Mosaic Company, has entered into a non-binding letter of
intent with US Syngas LLC (USS) to begin the development of a world-scale and
environmental state-of-the-art pet coke gasification project based upon
gasification technology provided by GE Energy on a site adjacent to Mosaic's
Faustina phosphate manufacturing plant in St. James Parish, Louisiana. The
non-binding letter of intent also provides for Mosaic to market or purchase a
majority of the 1.3 million annual tons of anhydrous ammonia produced at the
complex.
(Photo: http://www.newscom.com/cgi-bin/prnh/20060331/MOSAICLOGO )
Other products produced at the complex would include approximately 3.6
million tons of carbon dioxide which will be purchased by an oil and gas
operator and approximately 84 billion square cubic feet per year of syngas
which will be purchased by industrial users. After the project is approved,
USS and other investors would build and own the complex once it obtains the
appropriate financing and regulatory approvals. The basic design of the
complex is being conducted by JGC Corporation, Yokohama, Japan and the
proposed operator of the complex is Eastman Gasification Services Company, a
wholly-owned subsidiary of Eastman Chemical Company.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers
of concentrated phosphate and potash crop nutrients. For the global
agriculture industry, Mosaic is a single source of phosphates, potash,
nitrogen fertilizers and feed ingredients. More information on the company is
available at http://www.mosaicco.com .
About Eastman Gasification Services Company
First to operate a commercial coal gasification facility in the United
States in 1983, Eastman Gasification Services Company, a wholly-owned
subsidiary of Eastman Chemical Company, offers more than 22 years of industry-
leading coal gasification operating experience and know-how. With its proven
track record and operational expertise in both gasification and chemical
process technologies, Eastman Gasification Services Company is the preferred
partner for polygeneration. Services include full operations, maintenance and
management; technical support and consulting; critical parts fabrication and
supply; patented feed injector and sulfur-free startup technologies; and
project development.
About Eastman Chemical Company
Eastman Chemical Company (NYSE: EMN) manufactures and markets chemicals,
fibers and plastics worldwide. It provides key differentiated coatings,
adhesives and specialty plastics products; is the world's largest producer of
PET polymers for packaging; and is a major supplier of cellulose acetate
fibers. Founded in 1920 and headquartered in Kingsport, Tenn., Eastman is a
FORTUNE 500 company with 2005 sales of $7 billion and approximately 12,000
employees. For more information about Eastman, visit http://www.eastman.com .
About GE Energy
GE Energy ( http://www.ge.com/energy ) is one of the world's leading
suppliers of power generation and energy delivery technologies, with 2005
revenue of $16.5 billion. Based in Atlanta, Georgia, GE Energy works in all
areas of the energy industry including coal, oil, natural gas and nuclear
energy; renewable resources such as water, wind, solar and biogas; and other
alternative fuels. Numerous GE Energy products are certified under
ecomagination, GE's corporate-wide initiative to aggressively bring to market
new technologies that will help customers meet pressing environmental
challenges.
About JGC Corporation
Established in 1928 and based in Yokohama, Japan, JGC
( http://www.jgc.co.jp ) is an engineering contractor with multiple operating
centers worldwide and revenues in excess of $4 billion. JGC has completed
over 20,000 projects in approximately 70 countries involving petroleum
refinery construction, LNG, petrochemicals, GTL, clean power generation and
gasification.
About US Syngas LLC
US Syngas LLC, together with its "teaming" partners and equity sponsors,
is a specialist in developing projects involving the gasification of petroleum
by-products to produce feedstock for the petrochemical industry. HA Capital
Advisors, an affiliate of Hannon Armstrong, Annapolis, Maryland
( http://www.hannonarmstrong.com ), is financial advisor to US Syngas.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements about future financial and
operating results, the predictability of fertilizer markets and raw material
markets subject to competitive market pressures, changes in foreign currency
and exchange rates, international trade risks including, but not limited to,
changes in policy by foreign governments and changes in environmental and
other governmental regulation. Such statements are based upon the current
beliefs and expectations of The Mosaic Company's management and are subject to
significant risks and uncertainties. Actual results may differ from those set
forth in the forward-looking statements.
SOURCE The Mosaic Company
-0- 04/10/2006
/CONTACT: Media Contacts, Linda Thrasher for Mosaic, +1-763-577-2864; or
Jim Harris, Harris DeVille Associates, US Syngas, +1-225-344-0381; or Investor
Contact, Douglas Hoadley for Mosaic, +1-763-577-2867/
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060331/MOSAICLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site: http://www.mosaicco.comhttp://www.eastman.comhttp://www.jgc.co.jphttp://www.hannonarmstrong.com /
(MOS EMN)
CO: The Mosaic Company; Mosaic Fertilizer LLC; US Syngas LLC; Eastman
Gasification Services Company; Eastman Chemical Company; GE Energy; JGC
Corporation
ST: Florida, Minnesota, Japan, Louisiana
IN: AGR CHM ENV
SU: PDT CON
CT-AM
-- CGM071 --
7259 04/10/200618:06 EDThttp://www.prnewswire.com