Clarification re: SYNM: Just to make it absolutely clear: I NEVER recommend buying anything; which would hold particularly true on a stock that has recently more than doubled. It is just quite favorably impressive to us that Syntroleum already has: most of the maj. oil co's. as licensees, proven technology in being, EPA's "blessings;" and, has obtained the favorable response and backing {and participation with ARC {Atl. Richfield} for the plant. With the anticipation as stated below, that plant alone will generate $225 Mil. per yr. in revs. {We do not know what it will mean in profits. }
CAUTION: As always, do your own research, examine your own objectives and abilities, and make your own decisions.
Regards,
CJ {dictated by CJ, entered by NCL... = typos by NCL}
*******************************************************************
{SYNM} SYNTROLEUM ANNOUNCES SITE FOR A$600 MILLION GAS-TO-LIQUIDS PLANT FOR WESTERN AUSTRALIA
THURSDAY, FEBRUARY 17 2000 1:17 PM EST
CANBERRA, Australia, Feb 17, 2000 /PRNewswire via COMTEX/ -- US-based Syntroleum Corporation (Nasdaq:SYNM) announced today that the company has selected Western Australia's Burrup Peninsula as the site for the Sweetwater Project, a 10,000 barrel per day natural gas-to-liquids plant that will produce synthetic specialty chemicals. The German engineering firm of INA TESSAG is currently designing the plant. The development will represent an investment in Australia in excess of A$600 (US$400-plus) million. The plant is expected to create over 1,000 new jobs during the construction phase and as many as 200 permanent related jobs once the plant is in operation.
(Photo: newscom.com ) Syntroleum estimates the plant will generate revenues of approximately A$7.4 billion (US$4.7 billion) over 20 years, assuming current prices for these products.
The site for the project is located approximately 4 kilometers from the North West Shelf Joint Venture LNG Plant.
"With today's announcement, Australia officially becomes the home to the Syntroleum Sweetwater Project and a key participant in the drive to commercialize what we believe will be one of the leading clean energy technologies of the 21st century," Australia's Minister for Industry, Science and Resources, Senator Nick Minchin said.
The Western Australia State Government has agreed to invest over A$30 (US$19) million in a general infrastructure package, which will include roadways and a desalinization plant to which the Sweetwater Project will supply steam and from which it will receive water. "This represents the emergence of Western Australia as a world center for petrochemical production," said Colin Barnett, Minister for Resources Development for Western Australia. "It is part of a long-term strategy by the State to establish an integrated petrochemical industry in the Pilbara, based on the extensive reserves of the greater North West Shelf gas province and gas transportation infrastructure."
The plant is being designed based on the first generation of the Syntroleum Process and will convert Western Australia's plentiful supplies of natural gas into a slate of high-margin specialty products, including normal paraffins, synthetic lubricants and drilling fluids, and some synthetic fuels. The design of the plant also allows for testing of future reactor configurations, as part of a technology development program with the Australian Government.
"We have been very pleased with the close cooperation we have received from governments in Australia as well as local industry and suppliers to develop this project," stated Mark Agee, Syntroleum's president and chief operating officer. "Substantial support of the Commonwealth and the State of Western Australia have made this announcement possible. We believe that we have found an ideal site and an ideal partner," Mr. Agee said. "Syntroleum's Sweetwater Project will bring significant capital investment and hundreds of good jobs to Western Australia and will provide a significant boost to the domestic energy industry. For Syntroleum, it further reinforces our position as the leader in the emerging GTL industry and will be an ongoing source of process improvements and cash flow to fuel our continued growth."
Syntroleum Corporation headquarters in Tulsa, Oklahoma, USA. Syntroleum licenses its proprietary process for converting natural gas into synthetic crude oil and transportation fuels. The process is designed for application in plant sizes ranging from 2,000 barrels per day to more than 100,000 barrels per day. Current licensees include ARCO, Enron, Kerr-McGee, Marathon, Texaco, Repsol-YPF and now the Commonwealth of Australia. The company is also working on development plans for a gas-to-liquids specialty chemicals plant and is working with DaimlerChrysler to develop super-clean synthetic transportation fuels.
This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, statements relating to the estimated cost, construction schedule and availability of financing with respect to the Sweetwater Project, as well as the testing, certification, characteristics and economic use of synthetic fuels and alternative fuels, the Syntroleum Process and related technologies and products, GTL plants based on the Syntroleum Process (including the development of planned plants), the economic use of such plants and the continued development of the Syntroleum Process. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Although Syntroleum believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that commercial-scale GTL plants will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that improvements to the Syntroleum Process currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, the ability to implement corporate strategies, competition, intellectual property risks, Syntroleum's ability to obtain financing and other risks described in the company's filings with the Securities and Exchange Commission.
(R) "Syntroleum" is registered as a trademark and service mark in the U.S. Patent and Trademark Office.
SOURCE Syntroleum Corporation
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: John Ford of Syntroleum Corporation, 918-592-7900
/Photo: NewsCom: newscom.com
AP PhotoExpress Network: PRN2
PressLink Online: 800-888-6195
PRN Photo Desk, 888-776-6555 or 201-369-3467
WEB PAGE: syntroleum.com
GEOGRAPHY: Australia
INDUSTRY CODE: CHM
www2.marketwatch.com
|
