The Texas investment group building a $100 million-plus used-oil processing plant at the Port of Tampa that was envisioned as an economic development showcase for the region has suspended construction of the plant for 90 to 120 days, the group said in a release.
“The costs estimated for plant completion have increased more than 100 percent from the initial construction estimate,” the release dated Nov. 22 said.
“While NexLube believes the project continues to be viable, it needs time to evaluate its options due to the substantial increase in projected costs.”
No details about the costs were available. A NexLube spokesperson could not be reached for comment.
On Sept. 16, NexLube Operating LLC terminated its contract with Enzio D’Angelo, the engineer who was guiding the plant toward an opening in March 2014 that was expected to net the port $10 million in revenue over a 20-year lease.
D’Angelo in turn filed a lawsuit Nov. 5 claiming NexLube breached his consulting contract.
The Port Sutton plant proposed in 2010 to much fanfare at a Tampa Port Authority meeting was planned to process up to 28 million gallons of used oil purchased in the area, “creating a positive out of a negative.”