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BP and CAS to Jointly Set Up Clean Energy Commercialization Centre
  UK, China

Wednesday, November 26, 2008
Source: BP
Article Type: Reprinted

BP and the Chinese Academy of Sciences (CAS) agreed to establish the Clean Energy Commercialization Centre (CECC) joint venture in Shanghai on Nov. 26, jointly investing some RMB500 million ($73million) to commercialize Chinese clean energy technologies.

Dr. Tony Hayward, BP group chief executive, and Mr. Li Jinghai, Vice President of CAS, witnessed the signing of the CECC joint venture agreement at a ceremony in Beijing on Nov. 26. Subject to final government approvals, the CECC joint venture is expected to be established in early 2009.

The Centre will draw on the expertise and experience of both partners to integrate individual energy-related technologies - such as coal gasification and conversion, carbon capture and storage, coal bed methane and underground gasification - developed by CAS institutes and other organizations both within and outside China, into competitive integrated manufacturing systems and solutions.

Speaking at the signing, Tony Hayward said: "Truly world class technologies are now emerging from China's research institutions. This Centre, in bringing these innovations into commercial reality has the potential to play a significant role in delivering local energy solutions to address issues that have a global impact."

"Deploying technologies to exploit our coal resources more effectively and efficiently is one of the greatest challenges facing China," noted Mr. Li Jinghai. "Innovative solutions will bring positive impact not just to China, but also to the global economy, supporting the goal of energy security, and environmental stewardship."

The CECC will also serve as an international platform for further collaboration among research institutes, enterprises and other institutions to improve indigenous Chinese innovation capabilities and market applications in areas such as clean coal conversion, zero emission technologies, and carbon capture and storage.

Located in the CAS Shanghai Pudong Science and Technology Innovation Park, the BP and CAS joint venture will have an equity split of 49:51 respectively.

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