CNOOC bets on coal gasification and electric cars

Tue. November 03, 2009; Posted: 05:08 AM

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) click here. CNOOC ADS (CEO) has Short Term PowerRatings of 5. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.

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