Pertamina, Rentech proceed plan to develop C. Sulawesi GTL project

US company Rentech, Inc. said on Thursday that the management of state oil and gas company Pertamina had okayed to proceed with the next steps required for the orderly development of the proposed 16,500 barrel per day gas-to-liquid (GTL) project for the Matindok gas block, Central Sulawesi

Rentech said the authorization was granted after a joint study team of Pertamina and Rentech presented the results of their study of the application of Rentech's (GTL) to Pertamina management in Jakarta.

?Now required is the preparation of a business plan for the proposed project including final definition of the products to be produced. Further, during the next steps, the business structure for the Pertamina joint venture company will be established and a draft of the heads of agreement between the parties involved will be prepared. Additionally, a project implementation plan is to be developed,? said Rentech in a statement

These tasks are scheduled to be submitted for approval to Pertamina management during the fourth quarter of 2002, said the company.

The proposed GTL project is being designed to be the "cornerstone of an integrated Methane Complex" that could involve as a minimum the production of power and ammonia as by-products from the GTL facility with further expansion for the production of urea and/or methanol. (alex)