Natural Chem reportedly looking at $105M invest in New Mexico Eco-Fuels Complex; Abengoa says “not reached any agreement.”

In New Mexico, reports surfaced that Houston-based Natural Chem is looking to invest $105 million in buying out Abengoa’s mothballed ethanol plant in Portales.

However, Abengoa told The Digest, “Abengoa has not reached any agreement with Natural Chem Group for the purchase of this plant.”

The company is seeking to produce LNG and CNG, sourcing its natural gas from New Mexico Gas Company, while using local in grain sorghum for ethanol and bringing in corn oil by rail for the biodiesel and glycerin. It could take six months to secure financing for what will be called the Eco-Fuels Complex. Restarting the ethanol plant will be phase 1, biodiesel will be phase 2 and the natural gas project will be phase 3.