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Syntroleum, SLH Merging for Capital
Syntroleum Corp., the developer and owner of a proprietaryprocess for converting natural gas into synthetic crude oil, andSLH Corp., which owns about 31% of Syntroleum, agreed to merge in astock-for-stock deal, which has been approved by the boards of bothcompanies.
The main purpose is to give Syntroleum access to about $50million of SLH’s cash and other assets to fund its gas-to-liquidsproject being developed with Enron Capital & Trade Resources,and a second gas-to-liquids project with Texaco and Brown &Root. Other Syntroleum business partners and licensees includeAtlantic Richfield, Marathon Oil, an affiliate of YacimientosPetroliferos Fiscales, S.A., Kerr-McGee, Bateman Engineering,Lyondell Petrochemical, AGC Manufacturing Services, AMEC Processand Energy, ABB Power Generation, Catalytica Advanced Technologiesand Criterion Catalyst Co.
“This transaction should enable us to continue the growth anddevelopment of Syntroleum and the Syntroleum Process,” said MarkAgee, Syntroleum president. The deal is subject to shareholderapprovals and customary closing conditions.
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