[Congressional Record Volume 140, Number 66 (Tuesday, May 24, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 24, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
      ENERGY BIOSYSTEMS CORPORATION STOCKHOLDERS TO GATHER MAY 25

                                 ______


                            HON. JACK FIELDS

                                of texas

                    in the house of representatives

                         Tuesday, May 24, 1994

  Mr. FIELDS of Texas. Mr. Speaker, I am pleased that the innovative 
and pioneering spirit that made Texas a leader among the States was not 
a thing of the past; it is with us still.
  I refer to a relatively new company based in my congressional 
district: Energy BioSystems Corp. Energy BioSystems Corp. was founded 
in Texas in 1989 and completed its initial public stock offering a 
little over 1 year ago. On May 25, company officers and shareholders 
will gather in The Woodlands, TX, to review the company's performance 
during its first year as a public corporation, and to outline what they 
want Energy BioSystems to achieve in the year ahead.
  I congratulate the officers, the employees and shareholders of Energy 
BioSystems Corp. on their first year as a public corporation, and wish 
them continued success in the future.
  Energy BioSystems Corp. is commercializing new and innovative 
biotechnology-based processes for the oil production and refining 
industries. To date, it has concentrated on developing a process 
called--and I hope I pronounce this correctly--``biocatalytic 
desulfurization,'' or BDS. This process, which uses enzymes to remove 
sulfur from petroleum, is expected to help refiners worldwide meet 
increasingly stringent environmental regulations in a cost-effective 
manner. Those regulations could cost the refining industry up to $25 
billion in capital spending, and $6 billion annually in higher 
operating costs. BDS could significantly reduce those costs, as well as 
greatly increase the value of high-sulfur oil reserves.
  Energy BioSystems Corp. expects to have a pilot plant in operation 
this year, and plans to contract for its first unit shortly thereafter. 
The first unit is expected to start operations in 1996. At that point, 
Energy BioSystems Corp. will be free to use its facilities and its 
employees' expertise to expand into other ``biorefining'' solutions for 
the petroleum industry.
  As a senior member of the House Energy and Commerce Committee, I know 
that America's domestic energy industry faces many challenges in the 
years ahead; regrettably, most of the obstacles that stand between them 
and success have been erected by the Congress, the Department of the 
Interior and the Department of Energy. Given the seriousness and 
persistence of those obstacles, I am sure that the energy industry, and 
related industries, will welcome the cost-saving solutions being 
explored by Energy BioSystems Corp.
  Mr. Speaker, I appreciate this opportunity to bring to your 
attention--and to the attention of my colleagues--the activities of 
this new public company located in my congressional district, and to 
wish the officers, employees and shareholders of this company success 
in the future. All of us concerned about the environment, and the 
economic wellbeing of the domestic energy industry, hope Energy 
BioSystems succeeds in its innovative approach to solving seemingly 
unsolvable problems.

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