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Shenhua to study coal-to-fuels project
(Bloomberg)
Updated: 2006-07-11 14:43
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Sasol Accord
Shenhua Group, China's largest coal producer, owns a majority stake in Shenhua Ningxia, and Ningxia Coal Industry Group the rest. Shenhua Group is the parent of Hong Kong-listed China Shenhua Energy Co.
Sasol and Shenhua Ningxia last month signed an initial agreement for an 80,000 barrels a day coal-to-fuels plant in Ningxia.
Xstrata Plc, the world's biggest exporter of coal used in power plants, said July 9 it agreed with most of its Japanese customers on a price for thermal coal sold under contract in 2007-07 that is near last year's record level.
Xstrata agreed with Japanese power utilities on a price of US$52.50 per metric ton for thermal coal supplied in the year started April 1. That compares with last year's average of between US$52 and US$54 a ton, which was a rise of about 20 percent from the previous year.
Shenhua Group is the parent of Hong Kong-listed China Shenhua Energy Co.
The U.S. has the world's largest coal reserves at 246.6 billion metric tons, according to BP's Statistical Review of World Energy. Russia's reserves of 157 billion tons are the second-largest, followed by China with 114.5 billion tons.