Syntroleum to build GTL plant in Papua New Guinea

A day after announcing plans to sell its production assets for up to US$25 million in Nigeria, Syntroleum Corp. said it has entered into a deal to build a natural gas-to-liquids plant in Papua New Guinea. Executives said the money will be used to commercialize Syntroleum’s gas-to-liquids technology. The Papua New Guinea facility has been deemed a high-priority project, vital to the country’s effort to capitalize on its abundant supply of natural gas, Syntroleum said. The facility would produce up to 50,000 barrels of clean-burning, synthetic diesel fuel a day. Syntroleum is partnering with Kuwait Foreign Petroleum Exploration Co. on the project. Kuwait Foreign Petroleum is one of the world’s leading exploration and production companies. (December 24, 2006)