Oil shale to fuel China
Posted: 05 September 2005
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A Chinese unit of Royal Dutch Shell has signed an agreement with a Chinese company to set up a joint venture that will explore and develop oil shale deposits in China 's northeastern Jilin province.
To agreement, worth $150 million joint venture is subject to Chinese government approval. Shell will own 61 per cent of the Jilin Shell Oil Shale Development Co., while Jilin Guangzheng Mineral Development Co. will hold the remaining stake.
Guo Wenxiu, Chairman, Jilin Guangzheng said: “We believe oil shale has the potential to be another source of energy to help fuel China 's fast-growing economy."
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