GTL Resources and Oman Oil Begin Joint Venture to Construct New Methanol Plant

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). GTL Resources Plc (London, England) and Oman Oil Company (Muscat, Oman) are in the early stages of creating a joint venture enterprise to construct a grassroot methanol plant, with a production capacity of 5,000 metric tons per day. The plant will be built at Salalah, Oman, with construction scheduled to begin during the second quarter of next year. Overall investment numbers are expected to be around $400 million and operations are currently targeted to begin during the latter half of 2007.

GTL Resources focuses on converting natural gas into liquid products. The company's niche in the gas market is to process stranded natural gas in reserves that would normally not be drilled. GTL estimates that 30% of the world's proven reserves can be classified as stranded. Concentrating on the regions of the Far East, West Africa and The Caribbean is GTL's current strategy.

Oman Oil Company was formed in 1992 by the government of Oman to pursue opportunities in the energy sector both domestically and internationally. Gas transmission, petroleum retailing, refining, petrochemicals and aluminum smelting are all areas the Oman Oil Company is currently invested in or would like to incorporate into their portfolio. They also have interests in exploration and production, crude oil pipelines and petroleum product logistics.

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