A patent is NOT the only way to safeguard a business process or product ingredient...
The point should be profit. He claims to have a secret catalyst that could be used by existing P2O operations. Why not license it to them and reap the massive profits generated instead of trying to duplicate their facilities and competing with them? He has no experience in this field, why spurn guaranteed profit for that risk, especially when that licensing profit alone would likely exceed that of his own successful P2O venture?
When logic is your enemy, you've already lost. None of this story makes any sense when analyzed critically.