The joint-venture coal-for-oil project between China Shenhua Energy Company Limited (SHSE: 601088) and Sasol in Dongjia, Ningxia Hui Autonomous Region, is said to be replaced by a homegrown coal oil project of the former.
However, Yuan Jinlin, director the Development and Reform Commission in Ningxia, says that it is not true, adding that the joint-venture project is pending the regulatory approval of the National Development and Reform Commission (NDRC).
The Sasol Managing Director Ernst Oberholster said last week in an interview that the joint-venture project is likely to come into operation in 2016 if they can get the green light from Chinese authorities this June.
If everything goes smoothly, they will start designing the joint project in the second half of 2011, says another executive from Sasol.
www.EnergyChinaForum.com
Ernst Oberholster also said that Sasol would not hold a 51% stake but 50% in the joint venture. In addition, Sasol is predicted to set up a new coal mining company with China Shenhua Energy. (Edited by EnergyChinaFroum.com. For more information, please email to: info@energychinaforum.com)
(Tradingmarkets,Mar 10,2010)
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