PTT signs commercial agreement with Velocys for GTL plant

Dublin-based Velocys Plc said it signed a commercial agreement with Thailand’s PTT Public Company Ltd. that involves engineering work for a GTL facility. Toyo Engineering will undertake the engineering study.
PTT would deploy Velocys’ technology that provides an option for producing liquid fuels from natural gas that would otherwise be wasted. PTT is interested in monetizing natural gas from onshore wells in Thailand that is being disposed of through flaring, Velocys said.
Velocys Commercial Director Jeff McDaniel said the significance of the latest deal is that Velocys’ and PTT’s agreement is transitioning from “a technology development agreement that’s been in place to a commercial agreement.”
He said it’s premature to say where PTT would build the facility and the investment that will be required. PTT is looking at the same technology that will be deployed at a GTL facility in Ashtabula County, Ohio, which has a capacity of 2,800-barrels per day.