AFX Asia (Focus): China's Jilin Guangzhen, Shell establish JV to explore, develop oil shale: “China has the fourth-largest oil shale deposits in the world after the US, Brazil and Russia, while Jilin province, with 17 bln tons, accounts for about 56 pct of the country's total.”: Friday Sept 02, 2005
BEIJING (AFX) - Shell (China) Ltd and Jilin Guangzheng Mineral Development Co Ltd said that they have signed an agreement to establish a joint venture to explore and develop oil shale resources in northeastern China's Jilin province.
In a joint statement, the companies said that the new joint venture, Jilin Shell Oil Shale Development Co Ltd (Jilin Shell), will be 61 pct owned by Shell and 39 pct owned by Jilin Guangzheng.
Jilin Shell will conduct tests to see if oil shale reserves in the area are commercially viable, the statement said.
The long-term objective of the joint venture, which is subject to approval by the Chinese government, is to develop oil shale resources for the commercial production of fuel and other energy products, the statement added.
China has the fourth-largest oil shale deposits in the world after the US, Brazil and Russia, while Jilin province, with 17 bln tons, accounts for about 56 pct of the country's total.
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