Syntroleum Acquires Port Access for Sweetwater GTL Plant in Western Australia

Apr 19, 2001, 01:00 ET from Syntroleum Corporation

    TULSA, Okla., April 19 /PRNewswire/ --
 Syntroleum Corporation (Nasdaq:   SYNM) announced today that it has signed
 multiple agreements with the Dampier Port Authority that provide Syntroleum
 access to the Dampier port facilities and services for shipping products
 produced at its Sweetwater gas-to-liquids (GTL) plant, which is under
 development in Western Australia. The agreements are for a term of 30 years
 and cover usage of the existing port facilities at a fixed price, leasing of
 land and related easements.
     The port facilities services agreement provides for priority loading of
 vessels carrying products from the Sweetwater plant. Under the terms of the
 agreement, the port is to construct additional facilities that will enable
 accommodation of increased traffic at the port.
     The lease agreement provides Syntroleum a small parcel of land adjacent to
 the Dampier wharf that will be used for locating loading equipment, pumps and
 storage tanks.
     The easement agreement provides right of way access on Dampier Port
 Authority land for laying and operating product pipelines from the Sweetwater
 plant to the port.
     "We are pleased with the way the Dampier Port Authority has worked with us
 to complete these important agreements, stated Mark Agee, Syntroleum president
 and chief operating officer. This is another major milestone that moves us
 closer to beginning actual construction on Sweetwater. We look forward to the
 day when the first shipments of ultra-clean lubricants and other specialty
 gas-to-liquids products are shipped to market."
     "Another major milestone will be the finalization of the lease for our
 plant site," Agee added. "We are hopeful that these arrangements can be
 completed with Western Australia authorities in the very near future."
     "We welcome Syntroleum as a major user of our port," stated Greg
 Trenberth, chief executive officer of the Dampier Port Authority. "Shipment of
 products from the Sweetwater plant represents substantial traffic growth for
 our port and we look forward to working closely with the Sweetwater operations
 for years to come."
     The Sweetwater project is a 10,000 barrels per day gas-to-liquids plant
 under development that will employ the Syntroleum Process to convert natural
 gas into ultra-clean, high-performance and virtually sulfur-free synthetic
 specialty products such as lubricants, industrial fluids and paraffins, as
 well as synthetic transportation fuels. Merrill Lynch has been retained to
 assist Syntroleum with obtaining debt financing for the project.
     Syntroleum Corporation is the developer of a proprietary technology for
 converting natural gas into synthetic liquid hydrocarbons. The company, in
 partnership with others, plans to build GTL plants using its technology in a
 number of global locations. Additionally, Syntroleum licenses its process to
 oil companies for the manufacture of fuels. Current licensees include ARCO
 (now BP), Enron, Ivanhoe Energy, Kerr-McGee, Marathon, Repsol-YPF, Texaco and
 the Commonwealth of Australia.
 
     This document includes forward-looking statements as well as historical
 information. Forward-looking statements include, but are not limited to,
 statements relating to the design, financing, construction and operation of
 Syntroleum's Sweetwater project, the testing, certification, characteristics
 and use of synthetic fuels and alternative fuels, the Syntroleum Process and
 related technologies and products, GTL plants based on the Syntroleum Process
 (including the development of planned plants), the economic use of such plants
 and the continued development of the Syntroleum Process. 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
 Syntroleum believes that its 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
 commercial-scale GTL plants will not achieve the same results as those
 demonstrated on a laboratory or pilot basis or that such plants will
 experience technological and mechanical problems, the potential that
 improvements to the Syntroleum Process currently under development may not be
 successful, the impact on plant economics of operating conditions (including
 energy prices), construction risks, risks associated with investments and
 operations in foreign countries, the ability to implement corporate
 strategies, competition, intellectual property risks, Syntroleum's ability to
 obtain financing and other risks described in the company's filings with the
 Securities and Exchange Commission.
 
     (R) "Syntroleum" is registered as a trademark and service mark in the U.S.
 Patent and Trademark Office.
 
 

SOURCE Syntroleum Corporation
    TULSA, Okla., April 19 /PRNewswire/ --
 Syntroleum Corporation (Nasdaq:   SYNM) announced today that it has signed
 multiple agreements with the Dampier Port Authority that provide Syntroleum
 access to the Dampier port facilities and services for shipping products
 produced at its Sweetwater gas-to-liquids (GTL) plant, which is under
 development in Western Australia. The agreements are for a term of 30 years
 and cover usage of the existing port facilities at a fixed price, leasing of
 land and related easements.
     The port facilities services agreement provides for priority loading of
 vessels carrying products from the Sweetwater plant. Under the terms of the
 agreement, the port is to construct additional facilities that will enable
 accommodation of increased traffic at the port.
     The lease agreement provides Syntroleum a small parcel of land adjacent to
 the Dampier wharf that will be used for locating loading equipment, pumps and
 storage tanks.
     The easement agreement provides right of way access on Dampier Port
 Authority land for laying and operating product pipelines from the Sweetwater
 plant to the port.
     "We are pleased with the way the Dampier Port Authority has worked with us
 to complete these important agreements, stated Mark Agee, Syntroleum president
 and chief operating officer. This is another major milestone that moves us
 closer to beginning actual construction on Sweetwater. We look forward to the
 day when the first shipments of ultra-clean lubricants and other specialty
 gas-to-liquids products are shipped to market."
     "Another major milestone will be the finalization of the lease for our
 plant site," Agee added. "We are hopeful that these arrangements can be
 completed with Western Australia authorities in the very near future."
     "We welcome Syntroleum as a major user of our port," stated Greg
 Trenberth, chief executive officer of the Dampier Port Authority. "Shipment of
 products from the Sweetwater plant represents substantial traffic growth for
 our port and we look forward to working closely with the Sweetwater operations
 for years to come."
     The Sweetwater project is a 10,000 barrels per day gas-to-liquids plant
 under development that will employ the Syntroleum Process to convert natural
 gas into ultra-clean, high-performance and virtually sulfur-free synthetic
 specialty products such as lubricants, industrial fluids and paraffins, as
 well as synthetic transportation fuels. Merrill Lynch has been retained to
 assist Syntroleum with obtaining debt financing for the project.
     Syntroleum Corporation is the developer of a proprietary technology for
 converting natural gas into synthetic liquid hydrocarbons. The company, in
 partnership with others, plans to build GTL plants using its technology in a
 number of global locations. Additionally, Syntroleum licenses its process to
 oil companies for the manufacture of fuels. Current licensees include ARCO
 (now BP), Enron, Ivanhoe Energy, Kerr-McGee, Marathon, Repsol-YPF, Texaco and
 the Commonwealth of Australia.
 
     This document includes forward-looking statements as well as historical
 information. Forward-looking statements include, but are not limited to,
 statements relating to the design, financing, construction and operation of
 Syntroleum's Sweetwater project, the testing, certification, characteristics
 and use of synthetic fuels and alternative fuels, the Syntroleum Process and
 related technologies and products, GTL plants based on the Syntroleum Process
 (including the development of planned plants), the economic use of such plants
 and the continued development of the Syntroleum Process. 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
 Syntroleum believes that its 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
 commercial-scale GTL plants will not achieve the same results as those
 demonstrated on a laboratory or pilot basis or that such plants will
 experience technological and mechanical problems, the potential that
 improvements to the Syntroleum Process currently under development may not be
 successful, the impact on plant economics of operating conditions (including
 energy prices), construction risks, risks associated with investments and
 operations in foreign countries, the ability to implement corporate
 strategies, competition, intellectual property risks, Syntroleum's ability to
 obtain financing and other risks described in the company's filings with the
 Securities and Exchange Commission.
 
     (R) "Syntroleum" is registered as a trademark and service mark in the U.S.
 Patent and Trademark Office.
 
 SOURCE  Syntroleum Corporation