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Greencomm and Innovative Clear Choice Technologies (ICCT) have proposed to the Ethiopian government to build a natural gas refinery plant that can process gas into liquid petroleum. The plant would require a $2 billion investment.
Greencomm and ICCT have proposed to the state-owned Ethiopian Minerals, Petroleum and Bio-Fuel Development Corporation to establish a public private partnership that would build a GTL plant in the Ogaden Basin were proven natural gas reserves exist.
Andargie Bekele, petroleum exploration and development director with the Ethiopian Minerals, Petroleum and Bio Fuel Development Corporation, told The Reporter that Greencomm and ICCT have expressed their interest in constructing a GTL plant that converts natural gas into synthetic crude oil.
Andargie said the proposed GTL technology would produce synthetic crude oil out of which benzene, diesel, jet fuel, kerosene, LPG, and lubricants can be produced.The companies are considering contracting Axen and Technip’s GTL technology.
According to the proposal, Merrill Lynch and Westmore land Equity Fund LLC would finance the project.
The two firms signed a MoU with the Ethiopian Minerals, Petroleum and Bio Fuel Development Corporation to realize the project. Following the proposal made by the companies, experts of the Ethiopian Minerals, Petroleum and Bio Fuel Development Corp. traveled to Paris, France on a familiarization tour to visit Axen IFP Group.
“We have done three things. We checked the profile of the companies, reviewed the feasibility study and studied the GTL technology,” Andargie told The Reporter. “We reviewed the finance, technical and legal matters which we found it to be viable.”