ARTUMAS GROUP HAS signed a Memorandum of Understanding (MOU) with the Government of Tanzania and the Tanzanian Petroleum Development Corporation to proceed with a pre-feasibility study into the monetisation of the natural gas assets in Mnazi Bay with a focus on Ammonia/Urea/Methanol.
The MOU is the first tangible result of Artumas' planned acquisition of Wentworth Resources.
The pre-feasibility study will assess the economic viability of a world-scale ammonia/urea/methanol project, as well as examining alternative monetisation projects using the substantial gas resources in Mnazi Bay, Tanzania. The project, if proven viable, would be East Africa's first petrochemical project of this scale.
The MOU reflects Artumas' new strategic direction as a project developer resulting from its acquisition of Wentworth Resources, a company whose principals have extensive experience in the development of large scale petrochemical projects.
"The successful execution of the MOU is a critical first step in developing what we believe is the beginning of a new era of gas monetisation in Tanzania. The project under study has the potential to significantly impact the value of otherwise "stranded" gas in the region and, if successful, would positively impact both the economy and the people of Tanzania," said Artumas' Executive Chairman, John Bentley.
"We want to take this opportunity to thank the government of Tanzania and the management of TPDC for their support and cooperation and their shared commitment to realise the true value of their gas resources," he added.