New regional bank to propel go-west drive?
By Liu Weiling (China Daily)
Updated: 2006-03-11 06:51

Construction of a giant coal-to-liquid project will kick off later this year in Yulin. Such a project, making oil from coal, has great market potential in China, a country which relies on coal to meet about 70 per cent of its energy demands and aims to reduce imports of high-priced oil.

"Experiments on industrialization of the technology have been finalized," Chen said.

Another project to produce ethylene from coal and natural gas will also be set up in Yulin in northern Shaanxi in Northwest China this year.

Total investment for the two projects will exceed 30 billion yuan (US$3.73 billion), Chen said.

With the two projects, a world-class coal-chemical base will emerge in this northernmost city of Shaanxi in the next five to 10 years.

"We are also looking to forge strategic partnerships with the world's leading energy companies," Chen said.