Benzinga | Jun 21, 2021 08:37AM EDT

Sypris Solutions' Technologies Unit Receives Orders For Specialty High-Pressure Closures For Use In 2 Large Projects, No Terms Disclosed

Golden Pass LNG Export; Cherry Point Renewable Diesel Optimization

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received orders for specialty high-pressure closures for use in two large projects, the Golden Pass LNG Export project and the Cherry Point Refinery Renewable Diesel Optimization project. Shipments under these awards are expected to be completed during 2021. Terms of the orders were not disclosed.

The $10 billion Golden Pass LNG Export project will add natural gas liquefaction and export capabilities to an existing terminal in Sabine Pass, Texas, according to the web site. The new facility will utilize the existing state-of-the-art tanks, berths and pipeline infrastructure. In addition, new facilities for natural gas pre-treatment and liquefaction will also be constructed. The project is expected to be operational in 2024.

The project will have an estimated send out capacity of 16 million tons of liquefied natural gas per year, which is equivalent to approximately two billion standard cubic feet of natural gas per day. The Tube Turns(r) D-bolt closure has been chosen for filtration systems protecting three new compressor stations included in the Golden Pass LNG Export project. These closures will be up to 56" in diameter, weigh up to 8 tons each and will be rated to a pressure of 1,480 psi.

The Cherry Point Refinery is the first and only refinery in the Pacific Northwest capable of manufacturing diesel fuel from biomass-based feedstocks alongside conventional feedstocks to produce ultra-low-sulfur diesel unit, according to news sources. The refinery sits on 3,300 acres and currently processes about 230,000 barrels of crude oil each day from the Alaska North Slope, which makes it the largest refinery in the state of Washington and the third-largest refinery on the West Coast.

The renewable diesel project reflects Cherry Point's broader commitment to provide the energy people need while doing its part to promote a lower-carbon economy according to news sources. The Tube Turns(r) Tool-less(r) closure has been chosen for filtration systems to upgrade the Cherry Point Refinery. These closures will be 60" in diameter, weigh approximately 4.3 tons each and will be weld-overlaid with 316 stainless steel to prevent corrosion.

Brett Keener, General Manager of Sypris Technologies, commented, "Sypris continues to be a leader in supplying high-pressure specialty closures to support major energy projects around the world. By leveraging our extensive engineering design and manufacturing expertise, we believe we are uniquely qualified to support these types of demanding requirements. We are proud to be a part of helping to meet our nation's energy requirements while providing cleaner fuels and a reduced carbon footprint."

Sypris Technologies, Inc. is a global leader in the manufacture of custom engineered closures for high pressure critical applications serving the oil and gas pipeline infrastructure, hydrocarbon and petrochemical processing, and utility industry since 1927. Headquartered in Louisville, Kentucky, the Company's products are marketed worldwide, and can be found in projects ranging from the Trans Alaska Pipeline and Strategic Petroleum Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas Field in Nigeria. For more information about the Company, visit its Web site at www.sypris.com.