Syntroleum Signs Gas-to-Liquids Joint Development Agreement

Syntroleum Corporation announced today that it has signed a Joint Development Agreement with Kuwait Foreign Petroleum Exploration Company, K.S.C. to join in the development of a 50,000 barrel per day Gas-to-Liquids facility in Papua New Guinea.

The agreement follows the formal statement of support for the GTL facility by the Right Honorable Sir Michael Somare, Prime Minister of PNG. In his strong support letter to Syntroleum in early November responding to the feasibility study provided by the company, the GTL facility was granted priority status and designated as a lead project in PNG’s effort to create a domestic gas monetization industry utilizing a portion of its significant gas resources.

While the project is still in development, when complete the plant will produce 50,000 barrels per day of Syntroleum Ultra Clean S-2 Diesel and other high valued ultra clean products. This will make PNG one of the few countries in the world where ultra clean, environmentally friendly GTL fuels are produced. The plant will become an anchor facility in the newly created Konebada Petroleum Park near the capital city of Port Moresby.

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