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Gold/Mining/Energy : Gasification Technologies

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To: Dennis Roth who wrote (275)	8/29/2008 11:01:48 AM
From: Dennis Roth	of 1740

Chinese oil firm targets coal-to-liquids August 19, 2008 - 6:48PM news.smh.com.au A subsidiary of a Chinese state-owned oil giant has thrown its weight behind an ambitious, $3 billion coal-to-liquids (CTL) project planned for South Australia. Australia-focused energy minnow Altona Resources Plc, which is listed on London's Alternative Investment Market, has signed an in-principle agreement with CNOOC (Beijing) Energy Investment Co Ltd to cooperate in the development of Altona's Arckaringa project in SA. The project includes a 10 million barrel per year open cut mine and a 560 megawatt power plant. Interest in CTL, which involves converting coal into liquid hydrocarbons, is growing amid concerns about "peak oil". "We have always recognised that Altona would need a partner of major stature, given the size of the Arckaringa project," Altona chairman Chris Lambert said. "With their immense resources and capabilities, CNOOC Energy is an ideal partner for Altona to work closely with in evaluating technology, off-take, financing and construction opportunities." He said the project would provide a major new source of base load power and diesel to SA, "which has a significant looming power deficiency and currently imports all of its distillate requirements".

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