13-05-2013

Neste Jacobs and Global Oil Shale sign oil shale development and engineering agreement

Technology, engineering and project management company Neste Jacobs Oy and energy company Global Oil Shale Group PLC ("GOS") have signed a Strategic Oil Shale Development and Engineering Agreement to collaborate in oil shale processing and plant design for converting oil shale into liquid fuel and gas as well as any upgrading required for synthetic crude oil production.

Neste Jacobs will participate in GOS's oil shale processing plant development comprising engineering, process modeling, testing and optimizing, construction commissioning as well as health & safety monitoring of GOS oil shale plants.

Furthermore Neste Jacobs will act as a joint Coordinator and Project Manager to integrate details from GOS' other partnerships for oil shale concentration and thermal processing in order to enable efficient modeling, scaling up and simulation of oil shale processes. GOS has already assigned the first projects to Neste Jacobs to be performed under the agreement.

Initial oil shale projects for the collaboration include GOS's 2.18 billion BOE oil shale project in Julia Creek, Queensland, Australia as well as GOS's oil shale projects in evaluation and preparation elsewhere in the world including North Africa and the Middle East.

"The agreement with GOS is a significant milestone for our company and strengthens further Neste Jacobs' already good position in Oil Shale business. We are glad to be able to help GOS to succeed in their innovative business", says Jarmo Suominen, Managing Director of Neste Jacobs.

"We regard Neste Jacobs as a reliable and professional partner to co-operate with when reaching for our target production profile of up to 50 000 boepd for our oil shale development projects. We are really looking forward to a long lasting co-operation with Neste Jacobs", says Petri Karjalainen, Executive Chairman of Global Oil Shale Group.