Thursday, November 27, 2008

BP Plc Clean energy tech alliance

BRITISH oil major BP Plc and the Chinese Academy of Sciences agreed to set a joint venture with total investment of 500 million yuan (US$73 million) to boost the commercialization of clean energy technologies in China.

They signed an agreement in Beijing yesterday for the venture, which will draw on the expertise and experience of both partners to integrate individual energy-related technologies - such as coal gasification and conversion, carbon capture and storage, coal bed methane and underground gasification - into competitive integrated manufacturing systems and solutions.

The venture, to be based in Shanghai, is subject to governmental approval and expected to be established early next year. BP will own 49 percent in the venture.

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