February 2001

Special Report: Clean Fuels

Combine power options with clean fuels projects

A build-own-operate project structure involving refinery upgrade results in increased product yield and power production

Katogir, L. J., Foster Wheeler USA Corp.

A mid-size U.S. refiner initiated an extensive study to examine the processing and economic benefits of a bottom-of-the-barrel upgrade as compared to its current operations. The project financing is based on a build-own-operate integrated project structure involving a refinery upgrade which results in an increased refinery product yield and produces an opportunity fuel for use in a cogeneration unit power plant. A project company is formed by several equity partners. The equity partners usually include the refiner, the project developer, a local power company and other interested investment groups. These equity investors provide the leverage to finance an off-balance sheet re

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