Newspaper article THE JOURNAL RECORD

CaymaN Secures Funds to Renovate Refinery

Newspaper article THE JOURNAL RECORD

CaymaN Secures Funds to Renovate Refinery

Article excerpt

Journal Record Staff Reporter

Cayman Resources Corp. of Tulsa said Wednesday it has a $1.6 million loan commitment from a group of unidentified private investors to finish renovation of the Cyril refinery.

Plant start-up is anticipated by late summer, according to a news release by the company.

A year ago, Cayman was granted a $750,000 first mortgage loan by the Oklahoma Industrial Finance Authority and Oklahoma Development Finance Authority to begin renovation work. At that time, Cayman President David Whitney described it as a $3 million project.

Cayman acquired the refinery, which is adjacent to a Superfund site, in August 1991 through a takeover stock exchange with Cyril Petrochemical Corp. The plant was closed in 1984 when former owner, Oklahoma Refining Corp., filed bankruptcy. Cayman's subsidiary, Cyril Petrochemical, had bought it from the U.S. Bankruptcy Trustee for $250,000.

While the U.S. Environmental Protection Agency and Oklahoma State Health Department have sued several parties over liability for the cost to clean up the sludge pits and water reservoirs near the refinery, Whitney has said only minimal remediation will be necessary to restart the refinery. …

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