CNOOC to Invest in Aussie Coal to Liquids

(Beijing) - China National Offshore Oil Corporation (CNOOC), China's largest offshore oil and gas producer, has won the approval from the Australian Foreign Investment Review Board (FIRB) to invest in a coal to liquids project in Southern Australia.

According to Australia's Altona Energy, it will partner with CNOOC's clean energy subsidiary to jointly develop the Arckaringa project, including the development of an open air coal mine, coal to liquid processing and power generation. CNOOC will hold a 51 percent stake in the project while Altona Energy will hold the remaining 49 percent.