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CNOOC bets on coal gasification and electric cars

Posted on: Tue, 03 Nov 2009 05:08:00 EST

Symbols: CEO, ERC

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BEIJING, Nov 03, 2009 (Xinhua via COMTEX) --
ERC | Quote | Chart | News | PowerRating -- China's oil giant CNOOC (CEO.
NYSE;0883.HK) will force through new energy businesses especially
coal gasification and electric automobile to build itself into a
comprehensive energy company, said Shan Lianwen, director of the
CNOOC Energy Research Institute of Strategic Research.

Shan said CNOOC plans to build a new energy industry chain in
Datong in Shanxi province and Erdos in the Inner Mongolia Autonomous
Region, which are both rich in coal and wind resources.

The company has signed agreements with the local governments of
Shanxi province and the Inner Mongolia Autonomous Region to construct
three synthetic natural gas (SNG) plants with total capacity of 12
billion cubic meters.

CNOOC has to obtain approval from the government to build the
three coal gasification plants involving the investment of 80 billion
yuan.

The company aims to realize 20 billion capacity of SNG by 2020 and
build pipelines from northwest China to economically developed areas
in the east.

CNOOC also plans to produce hydrogen, utilizing wind energy, and
improve the quality of SNG by infusing hydrogen.

Shan said a panel of experts is working hard on the project to
make it feasible technically.

The company will also make efforts to capture carbon dioxide from
the coal gasification process and may store it in natural gas fields
under the ground.

Moreover, CNOOC has decided to invest 5 billion yuan in Tianjin
Lishen Battery Co. to build 20 production lines of fuel cells in this
July.

Shan said the company is pondering the building of battery
replacement stations for electric cars in the future.

For full details on CNOOC ADS (CEO) CEO. CNOOC ADS (CEO) has Short Term PowerRatings at TradingMarkets. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.

For full details on Evergreen Managed Inc Fd (ERC) ERC. Evergreen Managed Inc Fd (ERC) has Short Term PowerRatings at TradingMarkets. Details on Evergreen Managed Inc Fd (ERC) Short Term PowerRatings is available at This Link.

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