Hybrid XTL Bio Refinery

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Hybrid XTL BiorefineryNatural Gas-to-Petroleum Biorefinery Cum Zero-

Carbon-Emission Power Plant

The United States is currently awashed with natural gas.

Production outpaces demand, putting downward

pressure on prices. With the maturation of hydraulic

fracturing and horizontal drilling technologies, the vast

reserves of natural gas trapped in gas shale formationsunderlying vast areas of continental United States are

now unlocked for long term production. With gas prices

hovering south of $15.00 per barrel of oil equivalent

(BOE), and crude oil prices hovering north of $100.00

per barrel, technical arbitrage exists for converting it to

drop-in transportation fuels. BioSyns breakthrough

technology architecture for conversion of natural gas to

synthetic petroleum at the same CAPEX as conventional

petroleum refinery, in conjunction with building a zero-

carbon-emission power generation plant, represents a

credible pathway towards solving the countrys energyindependence problem. The same technology

architecture breakthrough addresses the issue of carbon

mitigation in generating power.

BioSyn Resources, LLC

4/19/2012


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Page 2 of 16 Pages | Hybrid XTL Biorefinery


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Hybrid XTL Biorefinery:

Natural-Gas-to-Petroleum Biorefinery Cum Zero-Carbon-Emission Power Generation Plant

White Paper

Deo C. Reloj

BioSyn Resources, LLC

April 17, 2012

Summary

The American Gas Association estimates

that the countrys national inventory of

gas reserves at the end of 2011 stands at

about 300 trillion cubic feet (TCF)1. ThePotential Gas Committee (PGC) of the

Colorado School of Mines reported in

2011 that the estimated U.S. future gas

supply for the year ending in 2010 was

2,170 TCF2.

With continuing technological

developments and improvements in

hydraulic fracturing and horizontal

drilling techniques in unlocking the vast

reserves of natural gas embedded in gas

shale formations that underlie a large

portion of continental United States, the replacement rate for the on-the-shelf reserves

inventory will continue to increase. This will further put downward pressure on already historic

law prices of natural gas.

Meanwhile, petroleum based transportation fuels which are tethered to highly volatile world

prices of crude oil, continue to rise. This gave rise to an unusual local phenomenon: an

unprecedented large price differential between natural gas and petroleum based

1300 TCF is equivalent to about 50 billion barrels of oil equivalent (BOE). This represents about 7 years of current

crude oil imports of the country. http://www.aga.org/Kc/analyses-and-statistics/studies/supply/Documents/EA%202012-02%20Preliminary%20Reserves%202011.pdf

22170 TCF is equivalent to about 361 billion BOE. This is more than the proven oil reserves of Saudi Arabia for the

year 2011, which was only 262.6 billion barrels at the end of 2011.

Box 1. Gas shale formations in the United States


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transportation fuels. Expressed in barrels of oil equivalent (BOE), natural gas prices have been

dropping to now less than $15.00 while diesel continues to hover at more than $150.

This large price differential creates a technical arbitrage opportunity: the conversion of a $15-

per-barrel feedstock into $150-per-barrel drop-in, infrastructure-ready transportation fuels3.

BioSyn has the technical wherewithal to, and will, exploit this as a business opportunity. It will

also attempt to transform this opportunity into a template for addressing strategic issues

relating to the countrys need for achieving energy independence objectives, sustainable power

generation, and oil industry compliance with regulatory and legislative mandates for RSF2 fuel

specifications.

BioSyn has identified, and will employ, the best commercially available technologies needed in

its technology architecture to construct the conversion facilities. It has also identified, and will

employ, commercially established technologies needed in its technology architecture to

construct zero-carbon-emission power plants that will be fueled by pure hydrogen produced in

excess by said conversion facilities.BioSyns proprietary technology architecture provides the enabling mechanism to integrate said

commercially established technologies to build the conversion facility and power plant.

Initially, BioSyn will build a 300-bpd commercial demonstration biorefinery to showcase its

technology architecture. In this regard, it has secured the process license for a 4th

generation

Fischer-Tropsch technology4.

The techno-economic information and operational experience that BioSyn and its process

licensors, engineering partners and contractors will gather from the construction and operation

of the demonstration plant, will form the basis for the construction of larger commercial plants.

3Drop-in transportation fuels are infrastructure ready fuels that can be mixed with conventional petroleum based

fuels in any proportion without the need for engine modification. Thus, a drop-in ultraclean gasoline made fromnatural gas can blended with conventional gasoline in any proportion without damaging side effects on the

unmodified gasoline engine.

44

thgeneration Fischer-Tropsch technology produces light and middle distillates of about 25% isoparafinnic

composition with less than 200-ppm oxygenates. This obviates the need for capital intensive hydrocracking blocks

normally needed in 3rd

generation plants.


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Hybrid XTL Biorefinery:

Natural-Gas-to-Petroleum Biorefinery Cum Zero-Carbon-Emission Power Generation Plant

White Paper

BioSyn Resources, LLCApril 17, 2012

Introduction

There has never been a period in the history

of the United States during which the price

differential between two (2) ubiquitous

energy carrier groups5

has become so large

it boggles the mind of an astute observer as

to how it ever happened!

As of the time of this writing, natural gas

prices hover around $15.00 per barrel of oil

equivalent (BOE), while

liquid transportation

fuels, like gasoline and

diesel, fetch around$150.00 per barrel.

The first energy carrier

group is in gaseous state

while the second energy carrier group is in

5The two energy carrier groups referred to in this

Paper are 1) natural gas and 2) liquid transportation

fuels. The first category refers to methane from all

sources, including conventional natural gas, shale

gas, coal bed methane, etc. The latter refers to

gasoline, diesel and jet fuels. Kerosene is the base

material for jet fuels. Heating oil is the same as

diesel. The two are lumped together under liquid

transportation fuels.

liquid state. Both can be converted to a

desired physical state. Thus, natural gas can

be converted to diesel and vice versa.

Commercially available conversion

technologies from reputable process

licensors in the oil and petrochemical

industries abound. Natural gas conversion

technologies, also known as GTL

technologies, produce drop-in,

infrastructure ready,

ultraclean transportation

fuels.

In this regard, arbitrageopportunity exists

because natural gas,

given its very low price,

can be converted to drop-in liquid

transportation fuels at a cost level that will

still leave plenty of room for a healthy profit

margin.

It is important to note that the prices of

these two energy carrier groups are caused

by disparate market forces. The low natural

gas prices are a local phenomenon with no

bearing at all on the interplay of forces and

events in the international marketplace. In

Box 2. Arbitrage opportunity

arbitrage opportunity exists because

natural gas, given its very low price, can

be converted to drop-in liquid

transportation fuels at a cost level that

will still leave plenty of room for a

healthy profit margin.


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addition, there are no existing

infrastructures to export excess local

production. Natural gas in the United States

is basically insulated from world market

forces at this time

6

.

In contrast, the prices of liquid

transportation fuels are dictated by world

market forces, including geo-political events

and wholesale manipulators, as well as

institutional speculators that add about

20% more to the demand/supply-

determined prices. In fact, although the

country currently is a net exporter of

finished petroleum products, the local

prices of these commodities are on the

upward trajectory.

Not surprisingly, prices of said energy

carrier groups have been heading in

divergent directions in the last few months.

Needless to say, there exists a unique

window of opportunity for a technical

arbitrage play.

BioSyns Arbitrage Play

Taking advantage of the unique arbitrage

opportunity that currently exists, BioSyn

decided to revise its construction plans by

6In April 15, 2012, Cheniere Energy Inc. won federal

approval to build a $10-billion natural-gas export

terminal adjacent to its Sabine Pass gas-import

terminal in Cameron Parish, Louisiana. Assuming no

delays, this terminal will be operational in 2016.

implementing a portion of the 4th

phase7

of

its biorefinery project ahead of schedule.

BioSyns arbitrage play and philosophy are,

in principle, simple and straight forward.

Using commercially established unit

processes configured in BioSyns

proprietary technology architecture, it will

convert natural gas into liquid

transportation fuels at the same CAPEX cost

of construction as a conventional oil

refinery. The use of best available

technologies results in lower OPEX costs

than those employed in converting

conventional crude oil into premium liquid

transportation fuels. BioSyn will also do this

at the same economies of scale as a typical

oil refinery, which is between 50,000

100,000 barrels per day (bpd).

Additional Benefits

Zero-Carbon Power Plant. BioSyns refinery

will produce excess hydrogen in quantities

that could not all be absorbed by traditional

industrial users. In this regard, a

cogeneration power plant driven by

hydrogen-powered gas turbine will be built.

Fueled by pure hydrogen, this power plant

will emit no carbon dioxide.

Model for Large Scale Emulation. BioSyn

envisions that its business model and

7The 4

thphase of BioSyns construction plan calls for

the construction of a refinery island that is

feedstock-flexible and biomass-centric. It will make

use of locally available and abundant feedstocks,

such as natural gas and Bitumen, among others.


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technology architecture will create a model

that others will follow. Its large scale

adoption will address a number of

important national issues that the country

faces today, to wit:

Skyrocketing gasoline, diesel, jet fueland heating oil prices,

Energy independence, Trade imbalance, Generation of jobs that cannot be

outsourced,

Greenhouse gas emissions, and RFS2 mandates.

Current State of Conversion Technology

and Current Players

Synthesis Gas Production. Different

technologies for producing synthesis gas

from different feedstocks are well known

processes. Gasification can be employed for

different kinds of feedstocks. Steam

reforming is used for gaseous and liquid

hydrocarbons.

The production of synthesis gas from

natural gas using steam methane reforming

(SMR) is a well-established and mature

technology. It is the dominant technology in

producing synthesis gas for the production

of commodity products like urea, ammonia,

methanol and other industrial chemicals.

Fischer-Tropsch Synthesis. Converting

synthesis gas into synthetic petroleum is

not a new phenomenon. The basic

technology, Fischer-Tropsch (FT) synthesis,

is a well known process that dates back to

the 1920s when Fischer and Tropsch, two

German scientists that discovered the

process, first synthesized coal-derived

synthesis gas to petroleum.

Product Upgrading. The crude synthetic

petroleum oil produced by Fischer-Tropsch

synthesis requires further processing in

order to convert it into drop-in

transportation fuels. Depending upon the

catalysts used in the synthesis process,

different synthetic crude oils are produced.

And depending upon the quality of crude

oils produced, a particular facility will

require specific technologies for upgrading.

For example, Sasol Oryxs conversion facility

uses cobalt catalyst that produce waxy and

largely normal paraffinic hydrocarbons with

some oxygenates. It uses Chevrons

Isocracking technology to hydrocrack and

deoxygenate the crude oil. It is then

fractionated to different product streams.

Current Players. Most oil majors have

Fischer-Tropsch synthesis in their respective

technology portfolios. Sasol, South Africas

national oil company, is the pioneer in 2nd

generation large scale installations. Shell

constructed a 3rd

generation refinery in

Qatar8. Chevron has an ongoing project that

constructs a similar plant in Nigeria with a

rated capacity of 34,000 bpd.

8Shells Pearl project produces 140,000 bpd of

synthetic crude and 120,000 bpd of natural gas

liquids (NGL). Its price tag is $19 billion. Sasol Oryx is

also a 3rd

generation refinery rated at 34,000 bpd

with a price tag of $1 billion.


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In addition, there are a number of

development companies that have

developed their own FT technologies whose

business models are to monetize stranded

and associated gases

9

. Their hardwaresystems are, therefore, designed for small

scale production.

In contrast, Shell, Sasol and Chevron plants

have rated capacities to the same level as

conventional oil refineries.

Current Players Business Models

Conventional business models call for the

XTL refineries10

to be built in close proximity

to feedstock sources, and under long term

supply agreements with feedstock

suppliers. Shells Pearl refinery, for

example, was built in proximity to Qatars

North field that has 900 TCF in proven

reserves of natural gas, under a supply

agreement with Qatars state-owned

national oil company.

9Some of the development companies that claim to

be in the cusp of commercialization or ready to

commercialize or have started to commercialize are

Velocys, Oxford Catalysts, Syntroleum, Rentech and

CompactGTL.

10 The industry uses the general terminology XTL to

refer to conversion of synthesis gas to liquid

hydrocarbons via Fischer-Tropsch synthesis using

different feedstocks. If the feedstock is natural gas,

GTL is used. If the feedstock is biomass, BTL is

used.

Big players like Shell, Chevron and Sasol

build large scale XTL refineries to achieve

economies of scale11

.

Small players adopt essentially the same

business model, but target associated gases

in smaller fields. They develop their own

proprietary hardware with smaller

footprints and capacities to cater to smaller

wellheads. In both cases, XTL refinery

operations are co-terminus with the

depletion of the feedstock supplies at the

source.

BioSyns Business Model

BioSyn adopts the business model of most

oil refineries with respect to refinery siting.

Conventional oil refineries can be built

independent of the location of the

feedstock source. There are many oil

refineries built in countries that have no

endogenous crude oil resources. Oil

refineries in Japan and Singapore are primeexamples. Oil refineries from these

countries simply source their crude oil from

the international market. Interestingly

enough, tiny Singapore exports more

11Shells Pearl project has a price tag of $19 Billion

for a total rated capacity of 260,000 bpd, or $73,760

per daily barrel (pdb). Sasol Oryxs price tag is $1

Billion for 34,000 bpd, or $29,000 pdb11

. Chevron

Escravos GTLs 34,000-bpd project in Nigeria has

escalated to more than $6 Billion or $176,470 pdb.

In contrast, a moderately complex conventional oil

refinery costs about $20,000 pdb to construct.


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finished petroleum products than the

United States.

In similar fashion, BioSyn will build its XTL

refinery independent of the location of

feedstock source. Its feedstock supplies will

come from a combination of purchases

from the open spot market, long term

supply contracts and hedging strategies.

The Arbitrage Scenario

There are three (3) fundamental factors

that led to current

historic lows in natural

gas prices in the country.

They are:

Discovery anddevelopment of

large gas shale

formations,

Maturation ofhydraulic

fracturing andhorizontal drilling

technologies, and

Lack of exportinfrastructures

12.

As of the time of this writing, natural gas

prices in the United States breached the

12In April 15, 2012, Cheniere Energy Inc. won federal

approval to build a $10-billion natural-gas export

terminal adjacent to its Sabine Pass gas-import

terminal in Cameron Parish, Louisiana. Assuming no

delays, this terminal will be operational in 2016.

$2.00-per-million-btu line while prices in

Asia are in the $15-per-million-btu level.

Meanwhile, liquid fuels are tethered to

world crude oil prices which are projected

to remain above the $100-per-barrel level.

Crude oil prices are not only a function of

supply and demand. They are also

influenced by:

winds and drama of geopolitics supply disruptions due to:

accidents terrorist

sabotage

and/or

threats of

sabotage

weather OPEC whims Trader

speculations

The two market theaterscreated a huge price

differential between the

two energy carrier

groups, i.e., between natural gas and liquid

fuels (gasoline, diesel, jet fuel).

At $15 per barrel of oil equivalent for

natural gas and $150 per barrel for liquid

fuels, the $135-per-barrel price differential

creates a compelling case for an arbitrage

play.

To describe the technical arbitrage play

simply, natural gas can be converted into

Box 3. Compelling case for arbitrage play

At $15 per barrel of oil equivalent for

natural gas and $150 per barrel for

liquid fuels, the $135-per-barrel price

differential creates a compelling case

for an arbitrage play.

To describe the technical arbitrage

play simply, natural gas can be

converted into liquid transportation

fuels at conversion costs that will stillallow plenty of room for attractive

profit margins.


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liquid transportation fuels at conversion

costs that will still allow plenty of room for

attractive profit margins.

Technology blocks for the conversion of

natural gas to liquid fuels are commercially

available. In fact, a number of large scale

projects are already on-stream. However,

they are located overseas.

Employing older

generation

technologies, these

projects were built at

higher CAPEXexpenditures compared

to constructing

conventional oil

refineries. The high

CAPEX costs, however,

were compensated by

constructing large scale

plants to achieve the

required economies ofscale for profitable

operations.

Long Term Prognosis

for Continued Price

Divergence between the Two Energy

Carrier Groups

Wet natural gas wellheads produce natural

gas liquids (NGL) or condensates (NGC),besides methane, the principal component

of pipeline natural gas. NGL or NGC is

equivalent to naphtha, a product of crude

oil atmospheric fractionation.

Naphtha, being the basic raw material for

conventional gasoline production and an

important petrochemical feedstock, fetches

a premium price over crude oil.

Natural gas producers actually prefer NGL,

which is liquid, over natural gas (primarily

methane), which is gas. But as NGL is

produced in wet natural gas wellheads, so is

natural gas also. Even if natural gas is given

away or flared out,

operators of wet

natural gas wellheads

will still continue to

make generate profits

even on NGL

production alone.

Given the above

scenario, and given the

vast deposits of shale

natural gas now being

unlocked, natural gas

(methane) will continueto flow into the market

despite its greatly

depressed prices.

Meanwhile, in the

world theater, crude oil prices will continue

to remain high driven by increasing

demands from industrializing countries like

China, India and Brazil.

In addition, governments of oil producing

countries that depend primarily on oil

revenues for budgetary support will

collectively employ price support

Box 4. Real drivers for high prices of crude

oil in the world market.

CNNs Zakaria contends that the real drivers

of high prices of crude oil are governments of

oil producing countries in need of budgetary

support. The above picture shows the

respective prices of crude oil that these

governments need to maintain to balance

their respective budgets.


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mechanisms that maintain high prices for

oil.

BioSyn Technology Architecture

BioSyn will only use commerciallyestablished unit processes in its technology

architecture. The unit processes will be

provided by reputable process licensors and

come with process guarantees.

BioSyns approach is not unlike Sasols

technology architecture for its Oryx GTL

project. The synthesis gas production unit is

an auto-thermal reformer supplied by

Haldor-Topse13.

Sasol employed its own Slurry Phase

Distillate (Sasol SPD) process for Fischer-

Tropsch synthesis of syngas to long chain

hydrocarbons or synthetic crude.

Sasol itself is a world-renowned process

licensor for Sasol SPD.

Chevron supplied the hydrocrackingtechnology to upgrade the synthetic crude

produced by the Sasol SPD unit.

All of the three (3) major technology blocks

are individually stand-alone units that are

used in other oil refineries and

petrochemical plants around the world.

13Haldor-Topse is multi-billion dollar Danish

company that specializes in the production of

heterogeneous catalysts and the design of process

plants based on catalytic processes. It caters to the

fertilizer industry, chemical and petrochemical

industries, and the energy sector (oil refineries and

power plants).

Chevrons Isocracking Unit

Using a similar approach, BioSyn will use

the latest generation and enhanced steam

methane reforming (SMR) technology to

produce syngas from natural gas. Unlike

gasification or auto-thermal reforming

technologies, SMR will not need oxygen

input. This precludes the need for the

installation of an expensive air separation

unit14 (ASU), thereby significantly reducing

the CAPEX requirement for the project.

For its Fischer-Tropsch unit, BioSyn will use

a 4th

generation technology that will

produce long chain hydrocarbons that are

about 40% isoparaffinic in the C4-C20

range, with about 5% C21+ composition.

Unlike 3rd generation F-T technologies, the

product yield will not contain oxygenates.

14An Air Separation Unit (ASU) represents a major

CAPEX item in large scale XTL projects.


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The product slate avoids the need for

deoxygenation, hydrogenation and

isomerisation units, all of which are capital

intensive processes. This further reduces

the CAPEX requirement of the project to asignificant degree.

The plant will produce excess hydrogen,

which can be sold to traditional industrial

users. For large scale plants that will

produce large volumes of hydrogen, BioSyn

will put up a combined-cycle power plant

that will be fueled by pure hydrogen.

The use of pure hydrogen as fuel will makethe plant zero-carbon emission plant.

4th

generation 500-bpd GTL plant in Japan

Making the Refinery Green and the Fuels

RFS2 Compliant

BioSyn will install a biomass gasification

island to produce synthesis gas from

biomass materials that will be co-fed with

syngas produced from SMR units.

In future large scale plants, large volumes of

biomass for gasification will be needed. At

that time, BioSyn enter into supply

agreements with farmers who will farm fast

growing dedicated energy crops in marginal

and under-utilized lands.

As a logistics strategy, BioSyn will build

pyrolysis plants in proximity to farms to

densify the biomass to pyrolysis oil for cost

effective transportation to BioSyns XTL

refinery. At that time, the feedstock to the

gasification units will be pyrolysis oils.

Biochar produced from pyrolysis plants will

be marketed as soil conditioners. Leaving

biochar in the ground as soil conditioner

will not only improve the soil quality foragriculture; it is also an excellent long term

carbon sequestration strategy.

Biochar

The overall architecture involving long term

carbon sequestration will make BioSyns

XTL biorefinery carbon negative.

CAPEX and OPEX Requirements

BioSyns XTL plant will have the same CAPEX

expenditures as conventional oil refineries

of the same capacity and product slate

quality.

The OPEX will be slightly lower than

producing similar premium transportation

fuels out of conventional crude oil.


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The feedstock cost is, at the time of this

writing, about 10% of crude oil prices.

Commercial Demonstration Plant

4th

Generation Fischer-Tropsch Plant.BioSynwill first build a 300-bpd commercial

demonstration plant based on a 4th

generation Fischer-Tropsch synthesis

technology.

Feedstocks. This plant will use natural gas

and carbon dioxide as feedstocks.

The carbon dioxide feedstock will be

produced from the water gas shift (WGSR)unit of the syngas block. The demo plant

will produce excess hydrogen which will be

sold to industrial users.

F-T Reactor Footprint. The demo plant will

feature a very small Fischer-Tropsch reactor

footprint. Its diameter will only be 1.0

meter and its height will be 6.0 meters.

Licensing Agreement.BioSyn entered into aspecial licensing agreement with its primary

process licensor for the 4th

generation 300-

bpd demonstration plant. The process

licensor will provide the basic technology

design and basic engineering design. The

said process licensor will also provide all the

catalysts needed for synthesis gas

production and Fischer-Tropsch synthetic

crude production under favorable terms.

The construction of this demonstration

plant will enable BioSyn to gain valuable

techno-economic data and operational

experience it will need in improving its

technology architecture, design and

engineering for large scale 4th

generation

plants in the future.

Pilot plant of BioSyns process licensor for the

4

th

generation Fischer-Tropsch synthesis

FEEDS and Detailed Engineering Design.

BioSyns third-party EPCM company, which

acts as its in-house engineer and project

engineer, will perform the front end

engineering and design studies (FEEDS) and

detailed engineering studies for the 300-

bpd demonstration plant.

Techno-Economic Study on a 10,000-bpd

GTL Conversion Facility

BioSyn will commission a third-party

process engineering party, which currently

acts as its in-house engineer, to conduct a


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techno-economic study on its technology

architecture for a 10,000-bpd GTL plant and

associated zero-carbon emission power

plant.

The 10,000-bpd facility will use the same 4th

generation Fischer-Tropsch process

technology as the 300-bpd demonstration

plant. However, it will employ a different

technology in the production of synthesis

gas such that excess hydrogen will be

produced to be used in the associated zero-

carbon emission power plant.

At the rated capacity of 10,000 bpd, thefacility will produce hydrogen in volumes

that will warrant the construction of a

power plant that will be fueled by pure

hydrogen. The use of pure hydrogen as fuel

will render the power plant zero-carbon

emission plant.

Exothermic Heat Recovery.The F-T reactors

exothermic heat will be recovered and

looped back to the methane reformer

which needs heat for the methane

reforming to take place. No heat will be

dissipated into the atmosphere, a

significant departure from 3rd

generation

designs.

Product Specifications

Both the demo and 10,000-bpd plants will

produce synthetic crude oil with the

following specifications:

Composition

(%)

n-

Paraffins

Iso-

ParaffinsOlefins Total

C5 C10

C11 C18

C19 C30

35

18

2

14

11

1

17

2

0

66

31

3

Total 55 26 19 100

Oxygenates

Aromatics

Sulfur & HA*


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drop-in transportation that can compete

head on with petroleum based fuels.

About BioSyn Resources, LLC

BioSyn is a development company engaged in designing and developing technology architectures for biomass-centric feedstock-flexible refineries that will produce ultraclean RFS2-compliant green transportation fuels. Its

business philosophy and business model call for the use of best in class and commercially established unit

conversion processes supplied by leading process licensors known in the petroleum and petrochemical industries.

Prior to the completion of the construction of its refineries, BioSyn manufactures and markets the analogue

versions of the ultraclean transportation fuels to be produced by its future refineries.

The transportation fuels are infrastructure ready, also referred to as drop-in fuels. This means that these fuels

can be mixed in any proportion with conventional petroleum based fuels without need for engine modification.

BioSyn has a diesel demo car, pictured below, that runs on its ultraclean multi-functional military fuel the kind of

fuel that doubles as jet fuel (JP-8, Jet A-1) and diesel fuel.


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Hybrid XTL Bio Refinery

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