PRESS RELEASE: Rentech enters partnering arrangement with Pertamina for gas-to-liquids study
Thursday, December 21 2000 - 04:00 AM WIB
Rentech, Inc. (Amex: RTK) today announced it has entered into a partnering arrangement with PERTAMINA - Indonesian State Oil & Gas Mining Company, to study the conversion of stranded natural gas owned by PERTAMINA into sulfur-free and aromatic-free fuels, naphtha, waxes and other high value products utilizing Rentech's patented and proprietary Gas-to-Liquids (GTL) process.
The joint study will evaluate the cost, feasibility, and potential markets for products that could be generated from a small scale GTL plant located in Indonesia, producing from 5,000 to 15,000 barrels per day of these clean and valuable hydrocarbons.
Should the study prove the proposed project to be viable, PERTAMINA and Rentech will enter discussions for a licensing agreement to implement the Rentech Process Technology. The parties anticipate that the study will take four to six months.
PERTAMINA is one of world's largest oil companies with approximately thirty thousand employees. Through Indonesia's Production Sharing Contract, PERTAMINA holds a substantial interest in the country's daily production of 1.6 million barrels of oil and 8.7 billion cubic feet of gas, by 35 operators from fields all over Indonesia, both onshore and offshore. PERTAMINA maintains a position as one of South East Asia's most profitable companies. For more information on PERTAMINA visit the Company website at www.pertamina.com.
Rentech, Inc. is the developer and licensor of a patented and proprietary Fischer-Tropsch, gas-to-liquids process, for conversion of synthesis gas made from natural gas, industrial off-gas, or solid or liquid carbon-bearing materials into high-value fuels, products and chemicals. These products include cleaner burning, sulfur- and aromatic-free diesel fuel, naphtha, waxes and fuel for fuel cells.
Certain portions of this release may contain ``forward-looking'' statements as defined by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements herein. For more information concerning factors that could cause such a difference, see the Company's annual report on Form 10-KSB and quarterly reports on Form 10-QSB, filed with the Securities and Exchange Commission. Although Rentech believes its statements to be reasonable, investors are cautioned that such forward-looking statements involve risk and uncertainties. The company undertakes no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For more information please contact: Mark Koenig, Director of Investor Relations, Rentech, Inc. at 303-298-8008, or by E-mail at mkir@rentk.com, or see the Company's web site at: www.rentechinc.com. (*)