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06.21.2010

Befesa completes the financing for its new desulphurisation plant in the Port of Bilbao

Erandio, 21 June 2010. Befesa, through its subsidiary Befesa Valorización de Azufre, S.L.U. (formerly Acoleq Químicos S.L.U.), has completed the non-recourse financing to construct and operate a new plant producing sulphuric acid from waste sulphur in the Port of Bilbao.

The project, which will require an investment of €70 million, will be partly financed by a syndicate of banks comprising Banco Pastor, Cajasol, Banesto, Caja Rural de Navarra, Ipar Kutxa and Bankoa. Befesa will also invest capital from the sale of the land where its existing desulphurisation plant is currently located, which was sold in 2008 as part of the Sefanitro Interior Reform Special Plan of the municipality of Baracaldo (Vizcaya). It is worth noting that the project also has a €2.0 million loan from the Spanish Ministry of Industry, Tourism and Trade.

The new plant, which will be located in the Autonomous Port of Bilbao in the municipality of Zierbena (Vizcaya), will focus on producing sulphuric acid and oleum from sulphur and desulphurisation waste, and will include electricity cogeneration. The plant, which will have the capacity to treat 120,000 tonnes of sulphur and produce 350,000 tonnes of sulphuric acid and oleum, will also generate approximately 90,000 megawatts of electricity per annum.

The process of producing sulphuric acid and oleum from waste sulphur recovered from plants in the petrochemicals sector helps to manage the environmental impact from oil companies by using a cleaner and safer process. The new plant is expected to be operational in the last three months of 2011.

Javier Molina, Chairman of Befesa, said “this operation demonstrates Befesa’s capacity and strength to finance and develop important infrastructures and projects focused on sustainable development using the best available technologies, which makes us a global leader in the recycling and management of industrial waste”.