HOUSTON and NEW MARTINSVILLE, W.Va., Oct. 9, 2018 /PRNewswire/ -- Primus Green Energy Inc., a gas monetization company that transforms any natural gas (including flare gas and natural gas entrained with C02) into methanol, gasoline, and diluent, today announced plans to finalize development and delivery of a modular 160MT/day methanol plant in the Marcellus shale region near New Martinsville, West Virginia. Primus plans to partner with Jereh Oil and Gas Engineering Corporation (Jereh), an international, integrated oil and gas company specializing in Oil and Gas Engineering, Procurement, and Construction (EPC) services, oilfield technology services, and equipment manufacturing, to execute the project. Production from the plant is slated to begin in 2020.
"Primus has long-envisioned development of a methanol plant in the Marcellus region, but it is our relationship with Jereh and other strategic partners that has resulted in substantially improved economics and will allow us to move the project forward," said Steven Murray, Chief Executive Officer of Primus Green Energy. "With gas supply and methanol offtake agreements from an integrated oil & gas company, assistance from Sumitomo Mitsui Banking Corporation to arrange project debt financing, and design work by Koch Modular Process Systems, the project economics are very strong."
Primus's STG+™ technology was developed to use a wide range of natural gas feedstocks, including wellhead and pipeline gas, dry or wet associated gas, "stranded" ethane, excess syngas from underutilized reformers, or mixed natural gas liquids. Production areas with stranded and associated gas are an ideal potential market because many areas lack traditional natural gas pipeline infrastructure, especially in remote locations. The creation of local, 'in-basin demand,' enabling the monetization of gas that would otherwise be stranded or flared, is a breakthrough application.
"Jereh's world-class fabrication, engineering, and delivery capabilities, make them the ideal collaborator for this and future projects," said Murray. "The low-cost, pre-engineered modular units are to be fabricated offsite by Jereh and Koch Modular Process Systems, then transported to the project site for final assembly, enabling rapid delivery and expedited construction time."
Primus's process has been rigorously validated through over 10,000 hours of operation at its scale commercial testing plant in Hillsborough, NJ with reliable production of commercial quality products that meet or exceed industry quality standards. By comparison with other technologies, Primus's patented STG+™ process holds many key advantages, including an ability to process a wide range of feedstock natural gas qualities (C1 through C12), record low capital and operating costs, high liquid product quality, zero wastewater, and unmatched process simplicity. These advantages result in STG+™ technology being uniquely economical at all scales, starting as small as 6 mmcf per day of feed gas. Primus holds seven patents that it developed to control the technology along with a number of additional pending patent applications and proprietary methods.
About Primus Green Energy Inc.
A global leader in gas monetization technology, Primus Green Energy™ delivers solutions based on its STG+™ technology. Headquartered in Houston, Texas with a commercial testing plant in Hillsborough, NJ, Primus has facilities for design, engineering, operator training, and remote operation, as well as R&D and catalyst development. Primus is committed to continually developing new solutions and applications – as well as to advancing the existing systems – in order to meet customers' unique business needs. Primus Green Energy is majority owned by Kenon Holdings Ltd. (NYSE: KEN / TASE: KEN). For more information, please visit www.primusge.com.
SOURCE Primus Green Energy Inc.