The plant, which will be situated at Mossel Bay in South Africa, will have a nominal capacity of 1000 barrels per day and is expected to start producing by the end of next year.

Under terms of the contract, Technip-Coflexip will carry out detailed engineering as well as procurement services and the supervision of construction.

Technip said this contract win was the first breakthrough for the company in the emerging market for GTL facilities for which several large-scale projects are currently being developed.

On the other hand, GTL technology company Rentech Inc is having a hard time explaining to shareholders the "recent volatility in the company's stock" or layman's terms, its declining share price.

"Rentech knows of no adverse issue relating to its operations that would cause this movement in its share price," the company said.

Rentech said the declining share price appears to be more related to the overall market volatility experienced by smaller issues in market conditions that have existed over the last several months.

Rentech is the developer and licensor of the patented Fischer-Tropsch gas-to-liquid process, which converts synthesis gas made from natural gas, industrial off-gas and solid or liquid carbon-bearing materials into high-value fuels, products and chemicals.