Joint Stock " Gas To Liquid : Technology project and business plan submitted to the Ministry of Oil of the Federal Republic of Iraq

Business Plan Construction of the Plant for Processing Natural and Associated Petroleum Gas Into «PRODUCT GTL» Based on PJSC «GTL» Technology

IN THE FEDERAL REPUBLIC OF IRAQ

TABLE OF CONTENTS

1. INTRODUCTION
2. 1. Introduction to Consortium of Companies
   2. GTL «Gas to Liquid» PJSC Technology Achievements
   3. Corporate Values and Principles of Work
   4. Purpose of the Project
   5. Challenges
   6. Process Description
   1. Gasoline Production Scenario.
   2. Diesel Production Scenario
   3. Technology of Production of High-Octane Gasoline by Co-Processing of Hydrocarbon Fractions and Oxygen-Containing Raw Material.
   4. Technology for Producing a Mixture of Hydrocarbons of The Aromatic Series from Propane-Butane Fraction or Associated Gas:
3. MARKET ANALYSIS
4. 1. Iraq Market
   2. Global Market
   3. Overall Market Strategy
   4. Pricing Strategy
5. Project Plan
6. 1. Proposed Project Schedule
   2. Finance Summary
   3. Pre-ProjectPlanning

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1. INTRODUCTION

1.1.Introduction to Consortium of Companies

JSC "GTL" was founded in 2000 in order to realize a project of extinguishing flares and refining natural gas into high-octane engine fuels (petrol and diesel fuel). JSC "GTL" has invested in R&D aimed at creating this technology 71.3 million dollars by 2013.

JSC "GTL" scientists and specialists have developed more than 100 various innovations, which have been patented or are at the stage of registration for receiving Russian and international patents. JSC "GTL" is closely cooperating with international leading research institutes and universities.

Empire Fuel Industries Limited established in 2006 in Dubai, Moscow, Barcelona, Istanbul, Baghdad and Beirut by the association of successful companies working in the construction of oil& gas and electric power business sectors, construction of small and medium oil refineries, construction of storage tank farms, for the possibility of business increasing and large project proceeding with a uniform center of control and responsibility.

In the first stage, the company was specialized in the following technologies:

• Organizational technical preparing to startup.
• Government expertise of objects.
• Design and construction of storage tank farms.
• Construction design.
• Installation and testing work on oil chemicals, upstreaming, and preparation of gas for transportation.

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Empire Fuel Industries Limited is commitment to a clear purpose, vision and set of values, which together govern decision-making at every levels in the project. Also , presence of highly experienced employees, which made the company face the challenges of work successfully and the completion of work with high quality, accuracy, and precise delivering times.

Najm Al-Shimal Oil Services Company established in 2015 as an Oilfield Services Company affiliated by Makeen Group. The company has developed to include a wide range of services to meet the needs of the oil & gas and petrochemical industries.

With a team of over 250 employees, we continue to expand our service offering to cater to the priorities of global firms operating in Iraq and help accelerate the development of the country's oil and gas industry. Bolstered with a broad network of international partners and an innate knowledge of the local market, we deliver innovative and impactful solutions to our clients.

Najm Al-Shimal also offers specialized oilfield equipment and services to companies operating in Iraq. As an approved supplier to leading IOCs, NOCs, and EPCs, we leverage our strong relationships with original equipment manufacturers to offer comprehensive and cost effective solutions. Our product offerings are supported with quality after sales services including spare parts.

Product Coverage:

• Casing, tubing and line pipes	• Flare system, flare gas recovery and
• Drill bits and downhole tools	burners
• Top drives, mud pumps, and rig	• Turbomachinery and Process Solutions
	equipment	• Industrial hoses and hydraulic systems	4
•	Drill pipes	• Flow, level, temperature and pressure
•	Corrosion protection products	measurement systems		Page

1.2. GTL «Gas to Liquid» PJSC Technology Achievements

PJSC "GTL" has created a cost-effective patented technology in the form of units (plants) operating in Russia for the processing of associated petroleum and natural gas into pure hydrogen and liquid products.

We participated in Expo 2017 Astana - "Energy of the Future" and demonstrated our technologies to more than 130 countries of the world. Representatives of more than 60 countries of the world expressed a desire to use our technologies to extinguish oil and gas flares in order to reduce the emission of carbon dioxide and other combustion products into the atmosphere.

With the receipt for their own needs of cheap environmentally friendly motor fuel and their chemical compounds, including hydrogen and other chemical compounds for the needs of the local industry.

Due to financial constraints, we were today able to start implementing our environmental projects in eight countries by creating joint projects with 50/50 equity financing.

We can supply ready-made GTL installations to all countries of the world, primarily for extinguishing oil and gas flares and solving the environmental problem of CO2 emissions into the atmosphere.

The main objective of our project is a reduction of CO2 emissions into the atmosphere.

Our scientists have successfully tested the technology in a real environment. We have registered a number of patents:

• № 2199366"Natural Gas Homogeneous Oxidation Reactor",
• № 2416461"Packet vortex packing for heat and mass transfer columns",
• № 2426715"Method and installation for homogeneous oxidation of methane- containing gas",

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