483.    ---------------.[CHAUX, R.]  Gasoline From Water Gas, Germany.  Vol. 36, 1937, p. 152.

                  Loan of RM 55,000,000 for Gelsenberg Benzin A.-G. was oversubscribed on February 4, first application day.  The loan is guaranteed by a mortgage over the Gelsenberg’s future plant, while the debt-service security is reinforced by a guarantee of Vereingte Stahlwerke.  When production starts, Gelsenberg will, with Leunawerke, another subsidiary of Vereingte Stahlwerke, be the largest hydrogenation works in Germany.  But where Leunawerke uses lignite as raw material and proceeds by the costly Bergius process, depending on high-temperature pressures, involving rapid wear and tear of plant, Gelsenberg will start from coal by using the Fischer-Tropsch process, which deteriorates the plant far less and produces higher petroleum yield with very little waste.