Poet Shelves $3.5B Ethanol Pipeline Due To Lack Of Funds

Law360, New York (January 20, 2012, 8:25 PM EST) -- Citing slim prospects for securing a federal loan guarantee, Poet LLC, one of the world's biggest ethanol producers, said Friday that it had shelved a $3.5 billion plan to build a dedicated ethanol pipeline connecting the American Midwest to Northeastern ports.

Poet's decision makes it the third sponsor to bail on the project, after the original proponents — Magellan Midstream Partners LP and Buckeye Partners LP — bowed out over the course of the past three years.

The Sioux Falls, S.D.-based Poet inked a joint development...
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