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BP, Rio Cancel $2 Billion Australian Power Project

Monday, May 12, 2008
Article Type: Cited

Rio Tinto Group, the world's third- largest mining company, and BP Plc, Europe's second-largest oil producer, canceled a plan to build a coal-fired power plant in Australia that would capture and store carbon to cut emissions.

The plant at Kwinana, which was being studied by the Hydrogen Energy joint venture between Rio and BP, won't be built after it was found that rock formations wouldn't seal in carbon dioxide, said Rio spokesman Nick Cobban. The project would have required $1.5 billion to $2 billion in investment, according to the venture's estimates.

Hydrogen Energy, based in Weybridge, England, will still work on projects in California and Abu Dhabi, Cobban said today by telephone from London.

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