Carbon Energy, Lyondellbasell sign LOI

Australia’s Carbon Energy (CNX) has executed a Letter of Intent (LOI) with Netherlands-based LyondellBasell Industries group, through its subsidiary Basell Polyolefine GmbH, to build a A$1 billion (US$793.8 million) methanol plant near Dalby. CNX and LyondellBasell will investigate the development and construction of the methanol plant using CNX’s underground coal gasification technology in Queensland, where it holds more than 2,400 square kilometers of highly prospective coal tenements in the Surat Basin. (September 13/20, 2008)