By OGJ editors
HOUSTON, June 15 -- Marathon Oil Co. signed agreements with Syntroleum Corp., Tulsa, to license a Syntroleum process for the Marathon-led Qatar GTL project and to amend the $21.3 million promissory note on a GTL demonstration plant at Port of Catoosa, near Tulsa.
The Catoosa agreement extends the note's maturity to June 30, 2005 and gives Syntroleum an option to repay it any time prior. Otherwise, Marathon may convert any remaining balance into license credits or Syntroleum stock at no less than $6/share. Syntroleum plans to pay the Catoosa balance from the Qatar license fees.
It would collect $125 million from a definitive license agreement for the Qatar project, contingent upon agreement among Marathon, its partners, and Qatar Petroleum Co. for a 120,000 b/d GTL facility.
