Perihelion Global (Pink Sheets:PHGI) recently announced that the City of Opp, Alabama, Covington County, Alabama and The State of Alabama have agreed to a package of financial incentives for the company to construct and operate its BioFuel Refinery locating in the Opp Industrial Park.
Under terms of the agreement, Perihelion Global will be allowed recoup the entire cost of the $40 Million BioFuel Refinery via tax abatements. The investment will be recouped at 5% of the total cost of the project per annum over 20 years.
Additionally, the City of Opp, Covington County and the State of Alabama have granted a 10 year abatement of all property taxes, excluding taxes designated for funding public education.
Perihelion's BioFuel Refinery in Opp, Alabama which be the largest Bio-Fuel Refinery in North America using peanuts as the primary stock and will also be the 3rd largest BioFuel Refinery in North America overall.
"We are very pleased at the package of financial incentives given to our company to build and operate our BioFuel Refinery in Opp, Alabama. The City, County and State of Alabama have been extremely positive and supportive in working with us on this project. We greatly appreciate their combined efforts to enable us to succeed in this project," states John H. Beebe, Chairman, Chief Executive Officer and President of Perihelion Global. "The package of financial incentives truly creates a win-win arrangement for our company, our shareholders and the local community that we feel will ensure the long term success of this project."