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China, Australia to Jointly Eye Coal Chemicals

Posted on: Fri, 20 Nov 2009 07:15:00 EST

Symbols: CEO

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AUSTRALIA, Nov 20, 2009 (SinoCast Daily Business Beat via COMTEX) --
CEO | Quote | Chart | News | PowerRating -- CNOOC New Energy Investment Co., Ltd., a wholly-owned subsidiary of China National Offshore Oil Corporation (CNOOC), and the Australian counterpart Altona Energy Plc lately entered into a coal-based clean chemicals joint venture agreement.

Under the agreement, both sides will set up a JV, for the sake of exploitation of the Ackaringa project in south Australia.

CNOOC New Energy Investment, which controls a 51% stake in this project, will be responsible for the feasibility study on construction of the coal mine and coal-based liquid power plant as well as some potential clean energy projects. This cooperation indicates that its parent, CNOOC, will attempt more to development the new energy.

By far, CNOOC, as one of China's energy tycoons, has set foot in several aspects of the new energy field, and its wind power, biological diesel, and coal-based clean energy projects are all in progress. The group also plans to pay more attention to the low-carbon energy sector in the near future.

Source: www.bjbusiness.com.cn (November 20, 2009)

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.

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