- CNTV English - CCTV News

China's SDIC invests 30 bln yuan for shale gas in Chongqing

06-26-2012 15:48 BJT

CHONGQING, June 26 (Xinhua) -- The State Development and Investment Corp. (SDIC), China's largest state-owned investment holding company, will invest 30 billion yuan (4.75 billion U.S. dollars) into shale gas exploration and development in the southwest China city of Chongqing.

The capital investment will also be used to construct a coal port and national base for emergency coal reserves, according to the strategic cooperative framework agreement signed Tuesday between the company and the Chongqing municipal government.

The two sides have also founded a joint venture company for the shale gas project, according to the agreement.

Shale gas, a clean and high-efficiency energy resource, is extracted from shale through a complicated process called hydraulic fracturing, or "fracking."

China aims to produce 6.5 billion cubic meters of shale gas by 2015. Liu Tienan, head of the National Energy Administration, said Monday that government departments are working to introduce beneficial policies such as tax and fiscal incentives to encourage shale gas development.

China's rich reserves of shale gas are estimated at 31 trillion cubic meters, equivalent to the total amount of conventional natural gas. The Sichuan Basin, the Ordos Basin, the Tarim Basin, the Western Hubei-Eastern Chongqing area and the provinces of Guizhou and Hunan boast huge stores of shale gas, a survey by the Ministry of Land and Resources showed.

Editor:Sun Luying |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program