Shell Oil, with U.S. offices in Houston, has offered more than $26 million to buy Abengoa Bioenergy’s cellulosic ethanol plant in Kansas, a report by Reuters says.
Abengoa, with U.S. headquarters in St. Louis, shut down the facility after its Madrid, Spain-based parent company’s bankrupty. According to the report, Shell’s bid on the Hugoton, Kansas, facility is the company’s latest step into renewable fuels.
The report says Shell offered the amount as a “stalking horse” bid, meaning it serves as an initial base bid in the auction process. The company asked the U.S. bankruptcy court in Kansas to expedite sale hearing.
The 25-million-gallon facility turned plant waste into biofuel that met the country’s Renewable Fuel Standards, the report says.
Abengoa, with U.S. headquarters in St. Louis, shut down the facility after its Madrid, Spain-based parent company’s bankrupty. According to the report, Shell’s bid on the Hugoton, Kansas, facility is the company’s latest step into renewable fuels.
The report says Shell offered the amount as a “stalking horse” bid, meaning it serves as an initial base bid in the auction process. The company asked the U.S. bankruptcy court in Kansas to expedite sale hearing.
The 25-million-gallon facility turned plant waste into biofuel that met the country’s Renewable Fuel Standards, the report says.
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