CompactGTL announces new US$50 million investment and bolstered management
Tuesday, July 29th, 2014
US$50 million investment and bolstered management, in support of world’s first commercial modular GTL plant project in Kazakhstan
CompactGTL (‘the Company’), the specialist gas-to-liquids company, announced today that it had concluded arrangements for substantial investment in the Company by a consortium of investors. The investment, totalling US$50 million, will assist the Company in taking forward its recently announced project to build the world’s first small scale commercial GTL plant in Kazakhstan.
As the Company moves to its next stage of development, the management team has been bolstered. Peter Riches had been the company’s founding CEO in 2006 and had stepped back into the company in October 2013 after the retirement of Nicholas Gay in order to see the company through to its next strategic milestone. With this having been achieved he is now reducing his involvement to become an Advisor to the Chairman and CEO.
Edmund Buckley is stepping into the company to become the new CEO, having worked closely with Peter and team since the start of the year as a member of the investor group which took control of the business in February 2014. Edmund will be supported by Iain Baxter, who is becoming the Company’s COO, and Anar Asgarov, who is joining the team as the Chief Commercial Officer. Anar has also been working closely with the company over the last six months as part of the consortium that has today invested in the Company to develop its project in Kazakhstan. Jane Bardell is becoming the Company’s CFO and Phil Hawker remains as the Director of Projects.
Tony Hayward, Chairman of CompactGTL said: “Our GTL project in Kazakhstan will be transformational in demonstrating the value and operational effectiveness of the technology CompactGTL has successfully developed. Today’s investment from our new shareholders in the company is a strong endorsement of our technology, and will give confidence in our ability to deliver the project’s milestones in the coming months and years. The changes to the management team provide CompactGTL with an ideal blend of experience to deliver both operationally and financially in our key geographies.”
CompactGTL expects to have the fully functioning modular GTL plant in operation in 2017. It is expected that initial engineering will take approximately 12 months, followed by a construction period of around two years, highlighting the relative speed with which such a project can be delivered.
The GTL plant is expected to bring with it significant future commercial and environmental benefits. Associated gas that might otherwise be wasted will be fed through the plant every day to produce synthetic diesel.
CompactGTL offers a unique end-to-end engineering, manufacturing and project execution capability. CompactGTL is the only provider of small-scale GTL technology with a fully operable demonstration plant, which it has built in partnership with Petrobras. The successful operation of the plant and the continuing operations at its UK facility in Wilton, Teesside, have proven the key commercial viability and technical benefits of the technology, including safety, robustness, operability and reliability.