PetroChina to spend 800 mln yuan on an ethanol project in Sichuan |
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Fri, 21 Dec 2007 08:53
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BEIJING (XFN-ASIA) - PetroChina Co Ltd (SHA;601857;HK 0857), the country's largest oil and gas producer, plans to invest 800 mln yuan to build a non-grain ethanol plant in Nanchong, in the southwestern province of Sichuan, its parent China National Petroleum Corp (CNPC) said.The ethanol plant has a designed annual capacity of 100,000 tons, CNPC said in a statement.It didn't say when the plant would enter service.In January, PetroChina signed a framework agreement with the State Forestry Administration to build a biomass base in Yunnan and Sichuan provinces.The biomass base will grow plants that can be processed into 60,000 tons of biodiesel per year.CNPC said it will spend 180 mln yuan on the biodiesel project, also located in Nanchong. It has been approved by the National Development and Reform Commission.China's non-grain ethanol output is expected to reach 10 mln tons in 2020 with non-grain biodiesel output hitting 2 mln tons, according to government plans.( 1 usd = 7.4 yuan )kelly.zang@xfn.com-xfnkz/xfjamesaCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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