V INGEPET 2005 (GAS-5-FD-14)

MONETIZATION OF PERUVIAN NATURAL GAS: METHANOL AND AMMONIA

Flavia Di Cino, Santiago Gilligan, Mara Jos Cnepa Tecpetrol

Summary
Gas conversion processes typically involve heating natural gas, mixing it with steam and passing it over a
catalyst where the mixture is converted into reformed gas also known as syngas (synthesis gas). By
different processes, the syngas is then transformed to elaborate liquid by-products for different
applications. The relative high value of certain by-products in international outlets enables marketing
alternatives to domestic consumption as a fuel and to LNG (Liquefied Natural Gas) exports for the
Peruvian natural gas reserves.

The capital investments involved in certain gas conversion processes as well as the quantity of the
natural gas reserves needed to back up the related investments are as follow:

Capital
Plant Capacity Gas Consumption
Gas Conversion Investment
Processes
10^3 tons /yr 10^6 usd 10^6 btu/ton 10^6 m3/d TCF 25 yrs

Methanol 850 300 30 2.0 0.6

Ammonia 612 300 33.5 1.6 0.5

Olefins 400 (C2=)

Ethylene C2=
325# 94 6.0 1.8
Propylene C3=
(from Methanol) 400 (C3=)

Urea (from Ammonia) 1105 295# 19 1.7 0.5

10
Gas to Liquids 50000 bbl/d 1200 13.5 4.1
[10^6btu/bbl]

#Stand alone investments for Olefins and Urea plants (do not include the related investments for
Methanol /Ammonia plants).

Introduction - Methanol & Ammonia:

An in Depth Analysis for Marketing Peruvian Natural Gas Reserves
The purpose of this study is to present a focus on the stand-alone methanol and ammonia processes as
potential marketing opportunities for Peruvian natural gas reserves.

This study develops a fundamental-based analysis for each product, which provides a general framework
to understand their market dynamics. The data is presented on an international basis; however, certain
specific information about the United States market is also included due to its relevance as potential
outlet. An integration of the fundamental analysis with the production economics is also included to
examine the prefeasibility of the production of methanol and ammonia in Peru.

The data was gathered through an extensive search of public available information originally released by
the relevant players of the sector, mainly the production companies of methanol and ammonia,
governmental offices and international gas organisations. The information was originally released with
purposes different than the above-mentioned of this study.
V INGEPET 2005 (GAS-5-FD-14) 2

The study elaborates on the following related topics:

Overview of the manufacturing processes.

Explanation of the market issues related to the end uses and applications: Fertilisers, MTBE and fuel
component, formaldehyde, acetic acids.
Data and comments on demand issues: Products breakdown, volume trends, future expectations.
Data and comments on supply issues: Country production breakdown, volume trends, capacity,
expansions.
Data and comments on prices: Trends, relationship with natural gas prices, comments on the key
price drivers.
Production costs and economics: An indicative US$/MM Btu netback value for natural gas at Pisco is
calculated providing a breakdown of the different items: product price at destiny, ocean freight, duties,
investments, O&M costs.
Key Issues

Methanol Ammonia
Large Scale Plant 2500 ton/day 1800 ton/day
Capacity 850 103 ton/year (340 days) 612 103 ton/year (340 days)
Investment 300 million us$ 300 million us$
30 106 BTU/ton 33,5 106 BTU/ton
Gas Consumption 72 106 cf/d 25 bcf/y- 58 106 cf/d 20 bcf/y-
0,6 tcf/25years 0,5 tcf/25years
Construction period 3 years 3 years
Licensers Haldor Topsoe- KBR ICI Lurgi H. Topsoe-KBRToyo-Linde Lurgi
Linde - Uhde Uhde - Dortmund
Indicative Methanex Celanese - Terra Potash Koch Ferrostaal Agrium -
Producers Integrated Oil &Gas Integrated Oil&Gas
Ocean carriers Methanol (up to 100 103 ton) LPG (up to 60 103 ton)
31 106 ton/year 109 106 ton/year
World Consumption MTBE 24% - Formaldehyde 37% Fertilizers 81% - Direct use 3%
Acetic Acid 11% - Others 28% Others 16%
MTBE has been limited in several states US ammonia imports increased to
Comment on in US. The US total MTBE consumption 5,8 106 ton/year in 2004 (from 3,9
demand is 3.5 106 ton /year. 106 ton/year in 2000)
Comment on Worldwide stranded gas locations are Worldwide stranded gas location are
capacity being considered. being considered.

Prices US Gulf
Coast

Comment on prices 2004 annual average increased by 34 2004 annual average increased by
us$/ton to 280 us$/ton from 2003 30 us$/ton to 275 us$/ton from
annual average. 2003 average.
V INGEPET 2005 (GAS-5-FD-14) 3

What is Methanol?
Methanol (CH3OH) is an alcohol fuel, is methane (CH4) with one hydrogen molecule (H) replaced by a
hydroxyl radical (OH). The typical feedstock used in the production of methanol is natural gas. Methanol
also can be made from renewable resources such as wood, municipal solid wastes and sewage.

The methanol manufacturing process typically involves heating natural gas, mixing it with steam and
passing it over a nickel catalyst, where the mixture is converted into reformed gas: carbon monoxide,
carbon dioxide and hydrogen, also known as synthesis gas. Conventional steam reforming is the simplest
and most widely practised route to synthesis gas production.

2 CH4 + 3 H2O -> CO + CO2 + 7H2 (Synthesis Gas)

The synthesis gas is then cooled, compressed and passed over a copper-zinc catalyst to produce crude
methanol. Crude methanol consists of approximately 80% methanol and 20% water.

CO + CO2 + 7 H2 -> 2 CH3OH + 2 H2 + H2O

Crude methanol is then distilled to remove water, higher alcohols and other impurities and produce
chemical grade methanol. 1 tn of methanol requires 30 million BTU of methane.

Uses
Methanol is a liquid commodity chemical typically used as a feedstock in the manufacture of other
products. Roughly three quarters of all methanol is used in the production of formaldehyde, acetic acid
and a variety of other chemicals which form the basis of a large number of chemical derivatives. These
derivatives are used in the manufacture of a wide range of products including building materials, foams,
resins and plastics.

The remainder of methanol demand comes from the fuel sector, principally as a component in the
production of MTBE, which is blended with gasoline as a source of octane and as an oxygenate to reduce
the amount of emissions from motor vehicles. Methanol is also being used on a small scale as a direct
fuel for motor vehicles and is actively being considered as a preferred fuel for fuel cells.

MTBE and Fuel Demand: Methanol for production of MTBE in 2004 represented approximately 24%
of global methanol demand. MTBE was developed as a source of octane when unleaded gasolines
were introduced. Over the past several years environmental concerns and legislation have also
increased demand for MTBE as an oxygenate in gasoline in order to reduce automobile emissions.
Worldwide methanol demand for MTBE was approximately 7.5 million tons in 2003-2004. In the
United States, MTBE's value as an oxygenate became the most significant factor in its use. As
gasoline containing, MTBE has leaked into groundwater principally from underground gasoline
storage tanks and has been discharged directly into drinking water reservoirs. Despite the proven air
quality benefits of MTBE, California and other states in the United States, have initiated actions that
may limit, or even eliminate, the use of MTBE as a gasoline component in the United States, and this
is a major issue for the industry. California, New York and Connecticut, all major consuming states
(representing 40% of United States total MTBE demand), have passed legislation banning MTBE
effective January 1, 2004 and as of December 31, 2003, MTBE has been substantially phased out
from these states. The remaining demand for methanol for MTBE production in the United States at
January 1, 2004 was approximately 2.5 million tones per annum. At the US federal government level
there have been legislative proposals to ban MTBE; however, to date no legislation has been passed.
It is likely, however, that over time the demand for methanol for MTBE consumed in the United States
will be reduced, or possibly eliminated, as a result of these developments.

Elsewhere, MTBE continues to be used as a source of octane, with growing usage for its clean air
benefits. The largest potential for MTBE growth is outside the United States. In December 2001, the
European Union confirmed the suitability and continued use of MTBE as a fuel additive.
Implementation of clean air standards is continuing in Western Europe, where the compound annual
growth rate of demand for MTBE was approximately 12.5% from 1999 to 2001, as new specifications
that limit lead, benzene and aromatics content in gasoline in the European Union were implemented.
Demand for MTBE in Asia is also increasing as many countries work towards removing lead and
aromatics from gasoline to improve air quality.
V INGEPET 2005 (GAS-5-FD-14) 4

Formaldehyde: Worldwide, 37% of the 2004 demand of methanol was for formaldehyde production.
The largest use for formaldehyde is as a component of urea-formaldehyde and phenol-formaldehyde
resins, which are used as adhesives for oriented strand board, plywood, particleboard, medium-
density fiberboard and other reconstituted or engineered wood products. Formaldehyde is also used
as a raw material for engineering plastics and in the manufacture of a variety of other products,
including elastomers, paints, building products, foams, polyurethane and automotive products.

Acetic Acid: Methanol demand for acetic acid in 2004 was approximately 11%. Acetic acid is a
chemical intermediate employed principally in the production of vinyl acetate monomer, or VAM,
acetic anhydride, purified terephthalic acid and acetate solvents, which are used in a wide variety of
products including adhesives, paper, paints, plastics, resins, solvents, pharmaceuticals and textiles.
We believe the acetic acid industry has also benefited from increasing demand for water-based
solvents produced with VAM for use in paints and adhesives due to environmental concerns
associated with emissions of volatile organic compounds from other types of solvents.

Others: As a basic chemical building block, methanol is also used in the manufacture of
methylamines, methyl methacrylate and a diverse range of other chemical derivatives, which in turn
are ultimately used to make such products as adhesives, coatings, plastics, textiles, paints, solvents,
paint removers, polyester resins and fibres, explosives, herbicides, pesticides and poultry feed
additives. Other end-uses of methanol include silicone products, as a substitute for
chlorofluorocarbons in aerosol products, as a de-icer and windshield washer fluid for automobiles and
as an antifreeze for pipeline dehydration.

Demand
The global methanol consumption has grown from approximately 26.7 million tons in 1998 to
approximately 31 million tons in 2004, representing a compound annual growth rate of approximately
2.5%.

(Million Metric Tons) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Projected
MTBE 7.5 7.7 8.1 8.3 7.5 7.5 7.4 7.2 6.6 6.2
FORMALDEHYDE 9.7 10.1 10.4 10.0 10.4 11.0 11.4 11.7 12.0 12.4
ACETIC ACID 2.3 2.7 2.8 2.8 3.0 3.3 3.4 3.6 3.7 3.8
OTHERS 7.2 7.5 7.7 8.0 8.3 8.6 8.8 9.2 9.5 9.8
TOTAL DEMAND 26.7 28.0 29.0 29.1 29.2 30.4 31.0 31.7 31.8 32.2
Source: Methanol Institute.

Over the long term, additional demand for methanol may come from the use of methanol as a direct fuel
for motor vehicles. Methanol also has potential to power fuel cells, an alternative means of generating
electrical energy in an environmentally friendly manner that does not use traditional combustion.
Currently, a small percentage of global methanol demand is for use in the production of TAME, another
fuel additive.

Supply

World Capacity / Production

(Million Metric Tons) 1998 1999 2000 2001 2002 2003 2004
CAPACITY AVAILABLE 34.9 35.1 36.0 35.2 35.5 35.7 38.6
PRODUCTION 26.7 28.0 29.1 29.1 29.3 30.4 31.0
EXCESS CAPACITY 8.1 7.1 6.9 6.1 6.2 5.3 7.6
OPERATING RATE 77% 80% 81% 83% 82% 85% 80%
Source: Methanol Institute.
V INGEPET 2005 (GAS-5-FD-14) 5

Capacity Country Breakdown

Country Capacity Country Capacity

Million Metric Tons/Year Million Metric Tons/Year
SAUDI ARABIA 4.8 NORWAY 0.9
TRINIDAD 4.8 EQUATORIAL GUINEA 0.9
USA 3.4 QATAR 0.9
RUSSIA 3.0 CANADA 0.8
CHINA 2.9 IRAN 0.8
CHILE 2.7 ARGENTINA 0.8
NEW ZEALAND 1.9 LIBYA 0.7
GERMANY 1.5 MALAYSIA 0.7
VENEZUELA 1.4 OTHERS 3.8
INDONESIA 1.0
NETHERLANDS 0.9 TOTAL 38.6
Source: Methanol Institute, until December 2001. 2002-2004 variations
estimated.

Future Investments
While a significant amount of new methanol capacity came on-stream from 1998 to 2004, a large number
of high-cost North American and European producers shut down plants, for example the Methanex Plant
in New Zealand, the Celanese Plant in the United States, the Methanex Plant in Canada, etc.

Newer methanol plants are generally constructed in remote coastal locations with access to low cost
natural gas, although this advantage is sometimes offset by higher freight costs due to their distance to
major markets. There is typically a span of two and one-half to four years to plan and construct a new
methanol plant.

Projects under consideration:

Company Location MM MT Timing

Methanex Australia 1.7 2005-2006
Mitsubishi/Pequiven Venezuela 0.9 2005-2006
Fanavaran Chemical Co. Iran 1.3 2005-2006
Source: Methanol Institute. Methanex 2003 Annual Report.

Prices
Methanol is an internationally traded commodity. The price of natural gas in North America impacts the
cash production cost of North American methanol producers. Historically, this cost affects the minimum
expected methanol selling price in North America.

Methanol prices in the United States, Europe and Asia Pacific have largely tracked each other, though
often with leads or lags. In times when prices in different markets diverge, product from offshore suppliers
moves into the higher priced market, bringing the prices in different markets back into alignment.

The majority of product sold in the United States is priced with reference to published contract prices to
which discounts may be applied. Spot market transactions are widely reported in weekly industry
newsletters.

The Rotterdam contract price is the main price benchmark for Europe. This price, to which discounts may
be applied, is negotiated quarterly between the major customers and suppliers in the region. As with the
U.S. market, spot transactions also occur. The third major market, Asia Pacific, has contract prices, which
are either based on a formula primarily related to the U.S. and European contract prices or based on
regional market conditions.
V INGEPET 2005 (GAS-5-FD-14) 6

Current Situation
US Gulf pricing for barges was $315 per tonne during the month of December 2004.

In Europe, the fourth quarter 2004 contract list price FOB Rotterdam represented a price of 230 Euros, or
approximately $300 per tonne at the time quarterly pricing was established.

As of December 31, 2004, Methanex quoted spot pricing in the Asia/Pacific region was $290.

Price (US$/Mt) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Avg-Fob-Houston 183 144 198 102 108 201 165 171 246 280
Source: Bloomberg Gulf Coast Oil Feedstock Methanol fob Houston Spot Price.

Methanol and Gas Prices Correlation

10
8
US$/MM Btu

6
4
2
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Date

Methanol Henry Hub-Natural Gas

Economics

US$/TON US$/MMBTU

U.S. Prices Methanol 280 9.3

(minus)

Duties and Miscellaneous 28 0.9

Ocean Freight 30 1.0

Plant Amortization 55 1.8

[PMTy @ 15%, 25 y, 340d]

O&M Costs 17 0.6

Indicative Netback price

to U.S. Gulf FOB Pisco 150 5.0
2004
V INGEPET 2005 (GAS-5-FD-14) 7

What is Ammonia?
Ammonia (NH3) is a colourless soluble gas with a strong pungent odour. Ammonia can be naturally
produced during the breakdown of organic matter or it can be synthetically formed in the laboratory using
atmospheric nitrogen (N2).

Synthetic ammonia (NH3) refers to ammonia that has been synthesised from natural gas. The ammonia
manufacturing process typically involves heating natural gas (CH4), mixing it with steam (H2O), to obtain
carbon monoxide (CO) and hydrogen (H2).

CH4 + H2O -> CO + 3 H2

After a catalyst process, using different catalysts Cu, Zn, Fe, Ni depending on the process, hydrogen is
mixed with atmospheric nitrogen (N2) to produce ammonia.

3 H2 + N2 -> 2 NH3

Uses and Demand

Ammonia is a fertiliser for crop fields because the nitrogen it contains allows for maximum growth.
Ammonias many uses include: refrigerants, chemical reagents in laboratories, and household cleaners.
In addition, it is one of the components used in the production of explosives, fertilisers, plastics, dyes and
textiles.

Source: Potash Corp.

The petroleum industry uses ammonia to neutralise acid constituents of crude oil and to protect
equipment from corrosion. The mining industry uses ammonia to extract certain metals such as copper,
nickel and molybdenum from their ores.

Worldwide ammonia production during 2004, was 109 million tons. About 81% of all ammonia consumed
goes into production of upgraded fertilisers, 16% goes toward non-fertiliser uses and 3% is applied
directly.
V INGEPET 2005 (GAS-5-FD-14) 8

Source: Potash Corp / Fertecon.

Worldwide, ammonia consumption and capacity are expected to steadily increase to the end of the
decade. Demand is expected to rise by more than 2% per year for the next four years, outpacing
capacity, which is projected to increase at a slower rate.

In 2004, Asia was the largest consumer of ammonia, essentially being self-sufficient. North America was
the second largest consumer, using more than it produced and relying on imports. The distribution of
natural gas supply and the challenges of shipping make ammonia a largely domestic product, with only
13% of world production traded in 2003.

With demand projected to increase at a greater rate than capacity, operating rates are expected to rise.
The world ammonia operating rate was 82% in 2003 and 83% in 2004, and it is forecast to remain at or
above this level until 2010.

In the medium term, world fertiliser consumption is projected to reach close to 157 million tons nutrients in
2005/2006, an increase of more than 15 million tons nutrients from 2001/02 and representing an annual
growth rate of 2.6%.

Higher fertiliser consumption will be driven by better economic conditions in developing countries, a
potential gradual recovery in commodity prices and a sustained demand for major staple and cash crops.
Growth will continue in South Asia, China and Latin America. Demand in Central Europe and the CIS is
forecast to increase while consumption in mature markets such as West Europe and Northeast Asia is
projected to decline due to environmental pressure and reforms in agricultural programs.
V INGEPET 2005 (GAS-5-FD-14) 9

Supply
China is the largest producer of ammonia. India is the second. The Former Soviet Union came in third.

Asia and the Middle East are expected to be the largest contributors to new capacity, although increases
are also forecast in Latin America and Africa.

Worldwide, ammonia consumption and capacity are expected to steadily increased to the end of the
decade. Demand is expected to rise by approximately 22.9 million tons over the next six years, an
average rate of over 2.5% per year, outpacing the increase in capacity . Many of the planned large-scale
projects are expected to come on stream from 2005 to 2007; much of this capacity is being built in the
Middle East.

Ammonia plants capacities vary over a wide range, but most plants in operation are in the range of
340,000 tn/y and 680,000 tn/y.

World Production (MM

mt) 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
China 19.8 19.5 23.0 24.0 26.5 28.0 28.0 28.1 30.1 31.0 31.0
India 7.3 7.7 7.8 8.6 10.0 9.8 10.1 10.1 9.8 9.0 9.4
Russia 7.3 7.5 7.0 7.2 6.5 6.0 8.7 8.7 8.6 9.1 9.1
United States 13.4 13.3 13.2 13.2 14.7 12.9 12.3 9.7 10.8 9.3 8.9
Ukraine 3.0 2.2 3.0 3.5 3.3 3.2 3.3 3.7 3.7 4.1 4.0
Indonesia 3.0 2.9 2.9 3.8 3.6 3.5 4.0 3.7 4.2 4.3 3.9
Canada 3.5 3.5 3.8 3.9 3.9 4.4 4.1 3.4 3.6 3.8 3.8
Trinidad and Tobago 1.7 1.7 1.8 1.8 2.3 2.6 2.7 3.0 3.3 3.4 3.8
Germany 2.1 2.1 1.2 2.5 2.5 2.4 2.5 2.7 2.6 2.9 2.7
Netherlands 2.4 2.5 2.5 2.5 2.4 2.5 2.4 1.9 1.9 1.6 1.9
Other countries 28.6 28.7 29.9 30.4 29.9 29.6 30.4 30.9 29.9 29.9 30.5
World Total 92.1 91.6 96.1 101.4 105.6 104.9 108.5 105.9 108.5 108.4 109.0
Source: US Geological Survey, Mineral Commodity Summaries.
MM = million. mt = metric ton.

United States
The US is a mature fertiliser market. U.S. ammonia demand for fertilisers has remained between 10.5
and 12 million metric tons over the last decade. During 2004, total apparent consumption was 14.3 million
metric tons.

Ammonia was produced by more than 15 companies at around 35 plants in the United States during
2004. Fifty-three percent of total U.S. ammonia production capacity was centred in Louisiana, Oklahoma,
and Texas because of their large reserves of natural gas, the dominant domestic feedstock.

U.S.(MM mt) 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Production 12.8 13.4 12.6 13.4 13.3 13.2 13.2 14.7 12.9 12.3 9.7 10.8 9.3 8.9
Imports 2.7 2.7 2.7 3.4 3.6 2.5 3.5 3.5 3.9 3.9 4.5 4.7 7.2 5.8
Exports 0.6 0.4 0.4 0.2 0.3 0.4 0.4 0.6 0.5 0.7 0.6 0.4 0.5 0.4
Consumption 14.9 15.7 14.9 16.6 16.6 15.3 16.3 17.6 16.3 15.5 13.6 15.1 16.0 14.3
Source: US Geological Survey, Mineral Commodity Summaries.
V INGEPET 2005 (GAS-5-FD-14) 10

Prices
The price of ammonia is influenced by the uncertain markets of Russia and Ukraine, which account for
about one-half of world trade in ammonia, and the devaluation of the currency enabled smaller production
units to remain in production.

A high percentage of ammonias cash costs is due to the price of the natural gas feedstock used in
production. Every $1 per MM Btu increase in the price of natural gas means a $33,5 per ton increase in
the production cost of ammonia.

When US gas prices increase or decrease faster than nitrogen prices, the ammonia operating rate usually
moves in the opposite direction. In late 2002 and early 2003, lack of Venezuelan ammonia due to a
general strike tightened US supply while ice problems in the Baltic limited the availability of products.

Price (US$/Mt) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Avg-Fob-Gulf Coast 212 190 173 121 109 169 183 137 245 275
Source: US Geological Survey, Mineral Commodity Summaries

Ammonia and Gas Prices Correlation

10
8
US$/MM Btu

6
4
2
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Date

Henry Hub-Natural Gas Ammonia

Economics

US$/TON US$/MMBTU

U.S. Prices Ammonia (minus) 275.0 8.2

Duties and Miscellaneous 27.5 0.8

Ocean Freight 33.5 1.0

Plant Amortization 75.0 2.2

[PMTy @ 15%, 25 y, 340d]

O&M Costs 25.0 0.7

Indicative Netback price to U.S. Gulf

FOB Pisco 2004 114.0 3.5
V INGEPET 2005 (GAS-5-FD-14) 11

Technical Aspects

METHANOL AMMONIA
Plant Capacities 680,000 - 850,000 tn/y 340,000 - 680,000 tn/y
Aker KBR
ICI Katalco Norsk Hydro
Linde AG Linde
Plant Manufacturers Lurgi AG Lurgi
Solco Haldor Topsoe A/S
Haldor Topsoe A/S UHDE Gmbh
UHDE Gmbh Toyo Engineering Company
Product Characteristics
State at room temperature and ambient pressure Liquid Gas
Properties Colorless, toxic, inflammable Colorless, toxic
Chemical Structure CH 3OH NH 3
Molecular W eight 32.04 17
Density in Kilograms per liter 0.79 0.77
Boiling Point 64.7C -33.3C
Heat of Combustion 22,662 kj/kg -
A 915,000 tn/y methanol plant, The footprint area for a typical
battery limits, could have a 660,000 tn/y plant could be
2
minimal footprint area of 9,000 about 10,000 m .
m2. Adding 50 percent to include
Areal Requirements offistes, the area requirements
is close to 15,000 m2 which
does not include all areas and
infraestructures outside the
process area proper.
Plant Construction period 3 years 3 years

Conclusion
The economics of the conversion processes of natural gas into ammonia and methanol are attractive
enough to consider these natural gas by-products as real vehicles to monetize Peruvian gas reserves.

The potential application of their technologies would represent a major breakthrough for domestic gas
utilization in Peru and would significantly increase the total amount of economically gas reserves in the
country.

They also provide multiple favorable consequences for the Peruvian economy. Indeed, their potential
radication in the country will not only introduce a large scale-industrial profile for the domestic use of
natural gas, but will also contribute to improve Peruvian macroeconomics and will diversify employment
needs.
V INGEPET 2005 (GAS-5-FD-14) 12

References

o Ammonia & Methanol. IHRDC International Human Resources Development Corporation.

o Ammonia and Ammonium Nitrate in Australia. Chemicals Australia Consultants.
o Ammonia Futures May 2002. Fertecom Ammonia Futures.
o Ammonia Report. Plenty River Corporation Limited.
o Ammonia Shipping Seminar. August 2000. Exmar Inv.
o Ammonia. The Columbia Encyclopedia, Sixth Edition 2001.
o Background report Synthetic Ammonia. U.S. Environmental Protection Agency.
o Biosystems & Agricultural Engineering: Ammonia FAQs. University of Kentucky web page.
o Catalysts in Inorganic Industrial Processes. Chemguide: helping you to understand chemistry.
o Changing Economics of Gas Transportation. Stephen Gower, MIEGM, MICE. Mark Howard.
o Chemistry: Ammonia Synthesis. University of Idaho web page.
o Commercialization of Marginal Gas Fields. December 1997. Joint UNDP/World Bank Energy
Sector Management Assistance Programme.
o DCS Methanol Project Assignments. Group Methanol Experience.
o Estimated Spot Values for Imports and Exports. Commercial Services Company, Ltd.
o FMB Weekly Ammonia Report. February 2003.
o Form 6-K September 2003. Methanex Corporation. U.S. Securities and Exchange Commission.
o From F-10 May 2003. Methanex Corporation. U.S. Securities and Exchange Commission.
o Gas Conversion: Opportunities & Challenges from an E & P Perspective. X. Prel. TotalFina
France.
o Global Energy Wire. Gasoline price spike in 2004? Deutsche Bank.
o Global Forecast to 2005. International Fertilizer Industry Association.
o Global Supply and Demand for Urea. K.G. Soh. International Fertilizer Industry Association
Paris.
o Henry Hub-Natural Gas, Methanol and Ammonia prices. Bloomberg.
o High Natural Gas Cost Drives Ammonia Prices. Agriliance Bulletin.
o Le Chateliers Principle. Chemguide: helping you to understand chemistry.
o Megamethanol A new possibility for methanol to power, fuel and olefins. Wolff Balthasar and
Wolfgang Hilsebein. Lurgi Oel-Gas-Chemie GmbH.
o Mineral Commodity Summaries Nitrogen (fixed) Ammonia. U.S. Geological Survey.
o Monthly Historical Pricing per Product. Dewitt and Company Inc.
o Overview of PotashCorp and its Industry. 2002 and 2004.
o Prevention of Hydrate Blockage of Pipeline for Gas Production. Korea Gas Corporation.
o Technology Profile: Ammonium Nitrate. UHDE a company of ThyssenKrupp Technologies.
o The Challenges of an Evolving Gas Market in a Developing Country. Godfrey P Ransome,
National Gas Company of Trinidad and Tobago.
o The Haber Process for the Manufacture of Ammonia. Chemguide: helping you to understand
chemistry.
o The Liquefied Petroleum Gas Shipping Market in 2002. Barry Rogliano Salles.
o Toxics Release Inventory-Chemical Profile: Ammonia. Electric Power Research Institute.
o What is Methanol?. Alternative Fuels Data Center.
o What is the energy cost of Ammonium Nitrate Fertilizer? Chemical Properties and Reactions
School of Chemistry, University of Western Australia web page.
o World Methanol Cost Study. CMAI.
o www.agrium.com
o www.dataloy.com
o www.methanex.com
o www.methanol.org Methanol Institute.
O www.profertil.com.ar