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126993 1 (1985-05-22)

handle is hein.gao/gaobactlx0001 and id is 1 raw text is: UNITED STATES qENERAL ACCOUNTING OFFICE I Washington, D.C. 20548 1 2qq3 FOR RELEASE ON DELIVERY Expected at 10:00 a.m. May 22, 1985 16993 STATEMENT OF F. KEVIN BOLAND SENIOR ASSOCIATE DIRECTOR RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE SUBCOMMITTEE ON ENVIRONMENT, ENERGY, AND NATURAL RESOURCES HOUSE COMMITTEE ON GOVERNMENT OPERATIONS Mr. Chairman and Members of the Subcommittee: We appreciate the opportunity to participate in this hearing concerninq the impact of the U.S. Synthetic Fuel Corporation's (SFC's) proposed assistance on the finances of the Great Plains coal gasification project in North Dakota. At your request, we previously reported on the financial status of the Great Plains project1 and testified before this Subcommittee. My prepared comments today will focus on the financial assistance awarded the project by the Department of Energy (DOE), the tentative terms of price guarantee assistance with SFC, an analysis of possible additional DOE assistance, and the government's options in the event of project abandonment. BACKGROUND In January 1982 DOE awarded a loan guarantee to Great Plains Gasification Associates--a partnership of five companies (Exhibit A lists the partners and their percent of ownership)--for up to $2.02 billion of the originally estimated $2.76 billion cost to build a plant to produce commercial quantities of synthetic gas 1Economics of ,the Great Plains Coal Gasification Project, (GAO/ RCED-82-210, Aug. 24, 1983) and Financial Status of the Great Plains Coal Gasification Pfoject, (GAO/RCED-85-70, Feb. 21, 1985)

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