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BIZCHINA / Center
China launches largest coalbed methane liquifying project
(Xinhua)
Updated: 2007-08-12 09:43
China has launched a coalbed methane liquefaction project that boasts the
country's largest daily production capacity, company sources confirmed
Saturday.
The project, based in Qinshui Basin, North China's Shanxi Province, is
expected to produce one million cubic meters of liquefied coalbed methane
daily when put into operation next January, said a manager of China
United Coalbed Methane Corp Ltd (CUCBM), developer of the project.
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The production lines will be completed at the end of this year. The
annual output is expected to reach 150,000 tons and the annual sales may
hit 200 million cubic meters, the manager said.
The CUCBM manager said that Hong Kong-listed China Leason Investment
Group Co Ltd signed a liquefied coalbed methane purchasing contract with
the company in Beijing earlier this month.
Coalbed methane is usually burned during mining in order to avoid gas
explosion accidents. A proper use of the gas would not only make the best
use of resources, but also help reduce greenhouse gas emissions.
China United Coalbed Methane Corp Ltd, held by China National Petroleum
Corporation and China National Coal Group Corp, is the only company
entitled to cooperate with foreign companies to exploit coalbed methane
resources. Its coalbed methane drills take up to 85 percent of the
nation's total.
It has signed 21 production sharing contracts with 10 overseas companies,
with a total foreign investment of US$119 million.
(For more biz stories, please visit Industry Updates)
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