Toyo and MODEC commit several million dollars more to Oxford Catalysts to accelerate commercial readiness for offshore GTL
Toyo Engineering Corporation and MODEC, Inc. have committed several millions dollars of additional funds to Oxford Catalysts Group PLC, which is focused on the emerging market for distributed smaller scale production of synthetic oil via Fischer-Tropsch synthesis. (Earlier post.)
Oxford Catalysts’ partnership with Toyo and MODEC was established in 2007 to jointly exploit the Group’s technology in the offshore GTL market, with Toyo and MODEC fully funding the development and demonstration of the technology.
In 2008, Kobe Steel Ltd. was added to the partnership as a preferred manufacturer, and in 2010 an agreement was announced with Petróleo Brasileiro S.A. (Petrobras) to host and cover the running costs of the first integrated demonstration of the Group’s offshore GTL technology at its Fortaleza refinery in Brazil.
The additional funds from Toyo and MODEC will be used by the Group to accelerate commercial readiness ahead of orders in the offshore GTL market.