Colver Technologies Oil Major Deal Awaits Board Ratification

Top Quote Colver Technologies says talks with a European-based oil major appear to have entered their final stages. End Quote
  • (1888PressRelease) November 07, 2015 - Liaoning, China-based small scale gas-to-liquids solutions provider, Colver Technologies says that talks between it and a European-based oil major appear to have reached their final stages with ratification of a draft contract by the company's board all that stands between it and its largest ever deal.

    Fresh from securing access to a significant line of development credit from its venture capitalist backers, the firm says negotiations have progressed quickly with a memorandum of understanding already signed by both sides. Board ratification of the draft contract should be completed within two weeks paving the way to a final contract that would see Colver Technologies begin staggered deployment of its modular GTL reactors at more than 30 deep-water oil production installations around the world including several in the Niger Delta.

    "We stand on the cusp of the largest ever deployment of our modular GTL technology and it couldn't be more exciting. It's been a fabulous year for us and if this [contract] could be tied up by the end of 2015, it would be the perfect icing on the cake," said Gus Stuyvesant, Colver Technologies' Chief Operating Officer.

    Stuyvesant said he would continue to respect the oil major's identity until such time as a deal is concluded despite being "asked almost every single day".

    "We've been asked in every conceivable way including, typically, being asked to confirm who it's not," he explained "but if we weren't trustworthy in terms of preserving confidentiality, why would they trust us in other matters".

    The firm says it will make an announcement detailing the appointment of a new Chief Financial Officer within the next week.

    About Colver Technologies
    Colver Technologies' modular GTL systems revolve around the Fischer-Tropsch reactor, a conversion technology developed in the 1920s by Franz Fischer and Hans Tropsche in Germany in 1925. It facilitates the production of significantly cleaner-burning liquid fuels like diesel and jet fuel from natural gas that contains no sulfur. We are committed to doing our part to drive uptake of GTL fuels as global efforts to reduce emissions increase and have invested heavily to ensure the continuing development of this highly attractive alternative to conventional energy production.

    Contact Colver Technologies:
    Longzhimeng Asia-Pacific Center
    22 Pangjiang Street
    Dadong, Shenyang, Liaoning

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