Verde Clean Fuels soars on joint gasoline project with Diamondback unit

Verde Clean Fuels

13/02/2024 15:06

** Shares of Verde Clean Fuels Inc  VGAS.O  up 25% at $3.50
    ** Verde and Cottonmouth Ventures LLC, a unit of Diamondback
Energy  FANG.O , announce joint development agreement to
develop, construct and operate a facility capable of converting
natural gas to gasoline in Martin County, Texas
    ** The proposed facility is expected to produce
commodity-grade gasoline utilizing associated natural gas
feedstock supplied from Diamondback's operations in the Permian
Basin
    ** Project is expected to produce around 3,000 barrels per
day of fully-refined gasoline utilizing Verde's patented process
    ** Including Tuesday's gains, VGAS up ~46% YTD

 (Reporting by Roshia Sabu in Bengaluru)
 ((Roshia.Sabu@thomsonreuters.com))