PetroChina to invest 10 billion yuan on new energy projects

PetroChina Company Limited has plans to develop energy from sources other than oil and gas by investing 10 billion yuan (US$1.3 billion) by 2020, particularly coalbed methane, says one of its vice president. PetroChina is likely to gain a capacity of producing 1.5 billion cubic meters of coalbed methane annually. It currently owns 3-trillion-stere coalbed methane reserves and is building a 3 billion-stere coalbed methane processing plant. It owns the most advanced coalbed methane laboratory and three international patent technologies. It also plans to prospect oilfields in Erdos and Junggar Basin to guarantee the supply of fuel ethanol to nine provinces. (September 18, 2007)