Verde Clean Fuels, Inc. has suspended the development of its Permian Basin project, a natural gas-to-gasoline plant, due to increased demand for natural gas in the region. The company stated that changing market conditions made the project less viable for deploying its STG+® technology. Verde will now focus on other opportunities in areas where natural gas is stranded or flared, and its partner, Cottonmouth Ventures, remains a supportive shareholder.
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Rising Permian gas demand stalls Verde plan to turn gas into gasoline
Verde Clean Fuels, Inc. has suspended the development of its Permian Basin project, a natural gas-to-gasoline plant, due to increased demand for natural gas in the region. The company stated that changing market conditions made the project less viable for deploying its STG+® technology. Verde will now focus on other opportunities in areas where natural gas is stranded or flared, and its partner, Cottonmouth Ventures, remains a supportive shareholder.