Aussie and Chinese firms tie up in UCG
Source: Xinhua |
June 1, 2010, Tuesday
|
Print Edition
Print Edition
AUSTRALIA-BASED Cougar Energy Ltd yesterday clinched an understanding with a Chinese firm to jointly develop an underground coal gasification project in the Inner Mongolia Autonomous Region of China.
The UCG process converts coal into gas, which can be used as a fuel for power generation or conversion into a range of petrochemical products, Cougar said.
Cougar said in a statement that it and Singapore-based investment partner Direct Invest Pte Ltd had signed a letter of intent with Inner Mongolia Qi De Investment Co.
The Chinese company is privately owned and has rights to a significant coal deposit in Inner Mongolia.
"The letter of intent outlines the intended commercial arrangements to develop the UCG project and sell the gas production," Cougar said. "It is proposed that an off take agreement for the gas will be negotiated with an independent power utility company, which will assume the task of funding, building and operating the electricity generation facility."
First production has been slated for late 2012.
Cougar CEO Len Walker said the deal was the first planned UCG project in China, which, like Australia, was reliant on coal but was seeking more environmentally friendly power generation.
"We are bringing our know-how and experience to these markets and currently assessing with several Chinese parties how to integrate UCG projects as part of their traditional coal mining operations," Walker said.
Cougar is focused on developing electricity generation projects.
The UCG process converts coal into gas, which can be used as a fuel for power generation or conversion into a range of petrochemical products, Cougar said.
Cougar said in a statement that it and Singapore-based investment partner Direct Invest Pte Ltd had signed a letter of intent with Inner Mongolia Qi De Investment Co.
The Chinese company is privately owned and has rights to a significant coal deposit in Inner Mongolia.
"The letter of intent outlines the intended commercial arrangements to develop the UCG project and sell the gas production," Cougar said. "It is proposed that an off take agreement for the gas will be negotiated with an independent power utility company, which will assume the task of funding, building and operating the electricity generation facility."
First production has been slated for late 2012.
Cougar CEO Len Walker said the deal was the first planned UCG project in China, which, like Australia, was reliant on coal but was seeking more environmentally friendly power generation.
"We are bringing our know-how and experience to these markets and currently assessing with several Chinese parties how to integrate UCG projects as part of their traditional coal mining operations," Walker said.
Cougar is focused on developing electricity generation projects.
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