Yanzhou Coal to invest in parent's coal liquefaction project
chinaknowledge.com
Jul. 10, 2008 (China Knowledge) - Yanzhou Coal Mining Co<600188><1171><YZC>, China's third largest coal producer listed at home and abroad, is interested in joining coal-to-liquids project of its parent Yankuang Group, said industry sources, citing an unnamed executive at the Jining, Shangdong province-based company, as saying, without providing any financial details.
Yankuang Group is working on research and development of coal liquefaction technology. It aims to set up a coal-to-liquids facility in northwest China's Shaanxi province by 2013, which will be able to produce five million tons annually of diesel, naphtha, liquefied petroleum gas (LPG) and jet fuel, equivalent to 100,000 barrels of crude oil per day.
Yanzhou Coal expects its net profit in the first half of the year to triple, largely because of surging prices of coal. It earned a net profit of RMB 1.11 billion in the same period of 2007.
Its Yushuwan Coal Mine in Shaanxi province, which will have an annual capacity of eight million tons, is expected to start operations in the last quarter of the year.
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