CompactGTL has announced that it has concluded arrangements for a substantial investment in the company by a consortium of investors. The investment of US$ 50 million will help the company to move forward with its recently announced project to build the world’s first small scale commercial GTL plant in Kazakhstan. The management team has also been bolstered.
Peter Riches is taking a step back to become an advisor to the Chairman and CEo and Edmund Buckley is going to become the new CEO, having worked closely with Peter since the start of this year as a member for the investor group which took control of the company in February. Buckley will be supported by Iain Baxter, the new COO and Anar Asgarov, the new CCO. Jane Bardell is stepping up to become the company’s CFO and Phil Hawker will continue as the Director of Projects.
The Kazakhstan project
The company expect to have a fully functioning modular GTL plant in operation by 2017. It is expected that initial engineering will take 12 months, followed by a construction period of two years, highlighting the relative speed with which such a project can be delivered. The plant is expected to bring with it significant future commercial and environmental benefits. Associated gas that might otherwise be wasted will be fed through the plant every day to produce synthetic diesel.
Tony Hayward, Chairman, CompactGTL said, ‘our GTL project in Kazakhstan will be transformational in demonstrating the value and operational effectiveness of the technology CompactGTL has successfully developed. Today’s investment from our new shareholders in the company is a strong endorsement of our technology, and will give confidence in our ability to deliver the project’s milestones in the coming months and years. The changes to the management team provide CompactGTL with an ideal blend of experience to deliver both operationally and financially in our key geographies.’
Adapted by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/04082014/gtl-kazakhstan-project/