Rentech reports Indonesian GTL project progress

The following is the excerpt from Rentech Inc.'s Summary for Annual Meeting of Shareholders released Thursday. Rentech is a Denver-based energy services company.

"After the removal of the upper management of Indonesian Oil Company, Pertamina, by the national government over a year ago, the situation at Pertamina remains troubled at best. The government continues to change management and board members, leaving no clear leadership and causing decision making processes to be delayed.

Pertamina has made clear to Rentech that the proposed methane complex project (MCP) is well regarded. Further, gas exploration in the region has shown substantial reserves to support a GTL anchored MCP without a Liquefied Natural Gas facility.

Rentech's agent, Sri-Gas of Jakarta, Indonesia, has introduced a significant Korean investor to Pertamina. They have proposed to partner in the MCP with Pertamina, taking the position as financial developer and placing Pertamina in the role as the gas supplier. The Company expects the negotiations for this arrangement to take another year but eventually provide the structure for a methane complex developed around Rentech's GTL technology and patented poly-generation concept."(*).