LCCE also announced this week that BP Products North America Inc. will purchase the bulk of the one million tonnes of methanol produced each year at the Lake Charles Port gasification plant. The company explained that it had also signed an acquisition agreement with Air Products and Chemicals, Inc. to purchase all of the locally produced hydrogen and argon. LCCE stated that the conclusion of the three acquisition agreements would „improve“ Leucadia`s ability to secure third-party funding for the project. Leucadia will lead the construction of the project, while Turner Industries Group, LLC, will lead the construction and provide design, engineering and procurement services to KBR, LCCE said. Summit Power Group, LLC and Blue Strategies, LLC have signed a 15-year contract with whiting Petroleum Corporation to reduce co2 loss for a portion of the CO2 emissions covered by Summit`s Texas Clean Energy Project (TCEP), a carbon dioxideification project with carbon capture polygen developed in Penwell, Texas, outside Odessa. Most of Abneh`s agreements contain force majeure clauses. These clauses allow the buyer or seller to terminate the contract if certain events occur outside the control of one of the parties and when one of the other parties imposes unnecessary difficulties. Force majeure clauses often protect against the negative effects of certain natural acts, such as floods or forest fires.
Chris McNamee, CEO of Aldel, said: „This is a huge boost for Aldel, its people and the wider economy, as it is part of the coronavirus crisis and the resulting economic uncertainty. This agreement with one of the main players in our sector to buy our production will continue to secure our medium-term future and give us the confidence to advance our 10-year plan to transform Aldel into a European leader in green aluminium. We believe that Europe needs a strong and environmentally efficient production base more than ever before and that we must play an important role as an independent aluminium producer. The acquisition agreement plays an important role for the producer. While lenders can see that the company hired customers and customers before production began, they are more likely to allow an extension of a credit or credit. Thus, acquisition agreements facilitate the financing of the construction of a facility. In addition to providing a guaranteed market and a source of supply for its product, an acquisition agreement allows the manufacturer/seller to guarantee a minimum result for its investment. Because taketake agreements often help secure funds for the creation or extension of a facility, the seller can negotiate a price that guarantees a minimum level of return on associated products and thus reduces the risk associated with the investment. The offtake agreements also contain standard clauses that include recourse – including penalties – each party has in case of violation of one or more clauses.