'Huge potential' in shale gas sector
By Richard Fu |
June 29, 2011, Wednesday
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Print Edition
Print Edition
WEIR Group Plc, an engineering solutions provider to the mining, energy and power industries, sees "huge potential" in China's shale gas sector, according to its China head.
"Though shale gas development in the United States may be 3-5 years ahead of that in China, we see huge potential in the nation," Cyril Leung, managing director for China, said yesterday at an opening event at a new plant in Taicang, near Shanghai. The Jiangsu Province-based plant makes pumps for the mineral industry.
Glasgow-based Weir last November formed a 60-40 joint venture with China's Shengli Oilfield Highland Petroleum Equipment Co to make high-pressure well service pumps and related flow control equipment to tap the accelerating shale gas market in China.
Shale gas is released from rock formations by hydraulic fracturing, a technology centered on specialized pumps. Weir is a leading manufacturer of these.
The venture, based in Dongying City, Shandong Province, has won some orders and is working with Chinese customers, including China National Petroleum Corp, Sinopec and CNOOC, on several projects, Leung said.
Weir, which has benefited from the development of shale gas production in North America, said last year it would invest US$6.2 million in the China venture during its first two years of operation.
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