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Ivanhoe Energy forms gas-to-liquids company to facilitate Japanese participation PR Newswire via COMTEX Jan 6, 2003 6:43:00 AM TOKYO, Jan 6, 2003 /PRNewswire-FirstCall via COMTEX/ -- Ivanhoe Energy (NASDAQ:IVAN and TSX:IE) has incorporated a new subsidiary in Japan to facilitate the participation of Japanese companies in the gas-to-liquids (GTL) project Ivanhoe is negotiating in Qatar. GTL Japan Corporation (GTLJ) is currently 100% owned by a subsidiary of Ivanhoe Energy. GTLJ will be assigned up to 5% of the Qatar project once a contract for the project is signed. GTLJ will invite Japanese companies from refining and distribution, exploration and production, trading and manufacturing segments to acquire equity positions in GTLJ. The proceeds from the investment by Ivanhoe and participating Japanese companies will be used to fund approximately US$150 million required for front-end engineering and other pre-development studies prior to beginning the construction phase of the project. Several major Japanese companies have already expressed preliminary interest in such participation in GTLJ. `The growing demand for cleaner sources of energy in Japan and the strong interest expressed there indicate that Japanese companies would be logical candidates to participate in this attractive project,`said David Martin, Ivanhoe`s Chairman. `They have the capacity to play multiple roles in investing, financing, engineering, marketing and consuming clean products throughout the Far East.` GTL technology provides ultra-clean fuel that can dramatically improve air quality in the major metropolitan areas of Japan, China and the rest of the world during the 21st Century. Developing GTL products from this project will result from an alliance of internationally integrated companies including Qatar Petroleum, Canadian-based Ivanhoe Energy, U.S.-based Syntroleum Corporation and prominent companies from the Japanese energy industry. The GTL project that Ivanhoe is negotiating will include the development of natural gas reserves in Qatar`s huge offshore North Field; the construction of a NGL plant to produce 78,000 barrels per day (bpd) of condensate, 24,000 bpd of propane and 16,000 bpd of butane; and the construction of a modular GTL plant to produce 185,000 bpd of ultra-clean naphtha and diesel fuel. The total cost of the project will be approximately US$5 billion. GTL technology uses the Fischer-Tropsch synthesis process to convert natural gas into liquid synthetic fuels. Unlike products refined from crude oil, GTL fuels are crystal clear and free of sulfur or aromatic pollutants - greatly exceeding new and proposed Japanese, European Union and U.S. environmental regulations. GTL fuels can be used to run diesel engines, jet and natural gas turbines and also can be used in fuel cells. Ivanhoe holds a master license for the use of a proprietary GTL process from Syntroleum Corporation (NASDAQ: SYNM). This cost-effective process uses compressed air instead of pure oxygen to facilitate the conversion reaction, which substantially reduces the capital costs and vastly improves the safety of the process plants. Ivanhoe Energy`s mission is to create value for its shareholders and host countries, initially by focusing on: (1) production of cleaner burning fuels from natural gas, using proven gas-to-liquids (GTL) technology; (2) conventional exploration and production (E&P), primarily natural gas in the U.S.; and (3) enhanced oil recovery (EOR) and natural gas projects, on a production-sharing basis with national petroleum companies. Ivanhoe Energy trades on the NASDAQ SmallCap market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE. FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of Ivanhoe Energy`s oil and gas drilling programs. When used in this document, the words `anticipate,``believe,``estimate,``expect,``intent,``may,``project,` `plan``should,`and similar expressions are intended to be among the statements that identify forward-looking statements. Although Ivanhoe Energy believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that Ivanhoe`s oil and gas drilling will experience technological and mechanical problems, fluctuations in oil and gas prices, the ability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, a copy of which may be viewed on our website at www.ivanhoeenergy.com. SOURCE Ivanhoe Energy Inc. Information contacts: In North America: John MacDonald, VicePresident, Investor Relations, Ivanhoe Energy, (281) 565-7486; In Japan:Shun-ichi Shimizu, Director, Ivanhoe Energy, 81 3 3258 3222; Website:www.ivanhoe-energy.com;To request a free copy of this organization`s annual report, please go tohttp://www.newswire.ca and click on reports@cnw.(IE. IVAN) Copyright (C) 2003 PR Newswire. All rights reserved. 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| aus der Diskussion: | Ivanhoe Energy |
| Autor (Datum des Eintrages): | lGasAnalyst (06.01.03 13:07:31) |
| Beitrag: | 4 von 117 (ID:8233725) |
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