Keystone Permit Sought by Senators, Hess Back Online in NJ: Energy Biz Wrap
Butamax Advanced Biofuels, which is a joint venture of E.I. DuPont de Nemours and Company (NYSE:DD) and BP, failed in an appeals court to prevent Gevo (NASDAQ:GEVO) from selling a portion of its biofuels products while a patent-infringement case remains pending. In the decision, the United States Court of Appeals for the Federal Circuit said that Gevo has raised “a substantial question of validity”of the Butamax patent, although it affirmed that United States District Judge Sue Robinson in Wilmington should reconsider her interpretation of the patent.
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On Friday, A bipartisan group of United States Senators pressed President Barack Obama to issue a permit for the northern leg of TransCanada Corporation’s (NYSE:TRP) Keystone XL pipeline, in the face of environmental groups who pledge to keep fighting the project. In all, 9 members of each party asked for Obama’s okay, as they said it will create jobs and also decrease the need for oil from the Middle East. A Presidential approval is required before the project can come across the international border with the U.S.
Hess Corporation (NYSE:HES) announced Friday that output at its Port Reading, New Jersey, refinery is back online and that full production rates should be achieved by next week. As Sandy loomed, the 70,000-barrels-per-day refinery was closed as a precaution on October 29th.
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