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| China-Japan-Koreas |
| Chinese to Invest a Billion in Texas Clean Energy |
| 2012-08-20 |
| A Chinese group that includes major oil company Sinopec is in advanced talks to put up to $1 billion in a Texas clean-energy project, in what would mark one of the biggest investments by Chinese companies in the U.S. power sector. The graphic suggests it's a carbon-capture plan. China Petrochemical Corp., known as Sinopec, together with Chinese banks are in talks to acquire an equity stake in and provide financing to the roughly $2.5 billion Texas Clean Energy Project, said people familiar with negotiations. Sinopec is looking to build favor in the U.S. as it aggressively acquires energy reserves and seeks U.S. production expertise, currently through minority stakes and partnerships with Western companies. The company under has already invested billions in U.S. shale-gas fields, for example. The project has already secured $450 million in grants from the U.S. Department of Energy, in addition to tax benefits. Tax benefits? For special interest groups? For the CHINESE??? It also has the necessary permits and contracts, including a contract with San Antonio to buy its electricity for 25 years. Aha! here it is! The Texas plant, located near Odessa, will convert coal into a combustible gas and use it to make electricity, much like a conventional gas-fired plant. In the process, it also will tease out chemicals for resale and carbon dioxide, which will be piped to the western Texas Permian Basin and used for enhanced oil recovery. |
| Posted by:Bobby |
| #2 They have already cornered the Solar Panel and Wind Turbine manufacturing markets. Why not coal? Might be the quickest way to get B. to backoff. |
| Posted by: Threart Hupusorong9769 2012-08-20 13:42 |
| #1 Sounds like the Chinese are investing in things Bernanke's yield killing photocopier cannot ruin. |
| Posted by: Bright Pebbles 2012-08-20 09:45 |