Shale gas project gets US$4.8b funding
Source: Xinhua |
June 27, 2012, Wednesday
|
Print Edition
Print Edition
THE State Development and Investment Corp, China's largest state-owned investment holding company, will invest 30 billion yuan (US$4.75 billion) into shale gas exploration and development in Chongqing.
The funds will also be used to construct a coal port and a national base for emergency coal reserves, according to the strategic cooperative framework agreement signed yesterday between the company and the Chongqing government.
The two sides have also formed a joint venture for the shale gas project, according to the agreement.
Shale gas, a clean energy resource, is extracted from shale through a complicated process called hydraulic fracturing, or "fracking."
China aims to produce 6.5 billion cubic meters of shale gas by 2015.
Liu Tienan, head of the National Energy Administration, said on Monday government departments are working to unveil beneficial policies such as tax and fiscal incentives to encourage shale gas development.
China's rich reserves of shale gas are estimated at 31 trillion cubic meters, equivalent to the total amount of conventional natural gas.
The funds will also be used to construct a coal port and a national base for emergency coal reserves, according to the strategic cooperative framework agreement signed yesterday between the company and the Chongqing government.
The two sides have also formed a joint venture for the shale gas project, according to the agreement.
Shale gas, a clean energy resource, is extracted from shale through a complicated process called hydraulic fracturing, or "fracking."
China aims to produce 6.5 billion cubic meters of shale gas by 2015.
Liu Tienan, head of the National Energy Administration, said on Monday government departments are working to unveil beneficial policies such as tax and fiscal incentives to encourage shale gas development.
China's rich reserves of shale gas are estimated at 31 trillion cubic meters, equivalent to the total amount of conventional natural gas.
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