CompactGTL announces $50 million investment, names new management
ABINGDON, United Kingdom -- CompactGTL has concluded arrangements for substantial investment in the company by a consortium of investors. The investment, totaling $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. He 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. Jane Bardell is becoming the company’s CFO and Phil Hawker remains as the Director of Projects.
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.
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.
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