Petrostar Petroleum Corporation announced the execution of a formal MOU (Memorandum of Understanding) to form a Joint Venture entity between Petrostar and Maverick Synfuels of North Carolina, USA. The Joint Venture is to facilitate the development and operation of GTL (gas-to-liquids technology) in the Canadian Provinces of Alberta, British Columbia and Saskatchewan. The plants will utilise and promote technology that converts a methane-rich feedstock into high-quality methanol.

The ownership of the JV entity will be 60% Petrostar and 40% Maverick.