Leucadia Ceasing Development of Lake Charles Clean Energy Project
September 24 2014 - 1:38PM
Business Wire
Leucadia National Corporation (NYSE:LUK) announced today that
Leucadia has decided not to proceed with further development of the
Lake Charles project that would have used gasification technology
to convert low-grade fuel fossils into clean-energy products.
Leucadia reached this conclusion based on final estimates of the
likely ultimate cost of completion of the project. All project
development costs to date have been expensed, and Leucadia
anticipates that wind-down costs will be immaterial.
Leucadia National Corporation is a diversified holding company
engaged through its consolidated subsidiaries in a variety of
businesses, including investment banking and capital markets, beef
processing, manufacturing, energy projects, asset management and
real estate. The Company also owns equity interests in operating
businesses that are accounted for under the equity method of
accounting, including a commercial mortgage banking and servicing
business, automobile dealerships and telecommunications services in
Italy.
Leucadia National CorporationLaura Ulbrandt, 212-460-1977
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