The theoretical background for a novel, countercurrent gas—solid—solid trickle flow reactor for equilibrium gas reactions is presented. A one-dimensional, steady-state reactor model is developed. The influence of the various process parameters on the reactor performance is discussed. The physical and chemical data used apply to the case of low-pressure methanol synthesis from CO and H2 with an amorphous silica—alumina as the product adsorbent. Complete reactant conversion is attainable in a single-pass operation, so that a recycle loop for the non-converted reactants is superfluous. In the following article the installation and experiments for which this theory was developed will be described.