Sunday, 28 Aug 2011
Retired US Army General Wesley Clark chairman of Envidity Inc announced the commitment of funds to launch a USD 1 billion Mongolian Underground Coal Gasification-Gas to Liquids project. The project will transform low quality deeply embedded, underground coal into high quality fuel, and is a first step towards fuel independence for Mongolia.
In August of last year, Envidity entered into an exclusive agreement with operator Live Energy Group LLC and Shine Shivee LLC, to transform economically stranded coal, that is over 150m deep in the strategic Shine Shivee license areas, into domestic fuel for Mongolia. On July 22 of this year Envidity exercised that option.
Envidity’s project has been recognized and encouraged by Senior Mongolian Government officials as a viable way to tackle the issue of Mongolian fuel self-sufficiency given its potential to produce 1,000 barrels per day of synthetic diesel that will satisfy 10% of local demand within 24 months, and 15,000 barrels per day within 60 months.
The project will provide Mongolia with the largest clean-energy technology transfer in its history, offering a source of clean and reasonably priced fuel and electricity for years to come. The project is expected to create 3,000 construction and 150 permanent higher salaried jobs for the Mongolian people. The project has the potential to establish over 7 commercial plants in the next 15 years and will bring as much as USD 7 billion in investment.
Mr Clark said that “Within two years of launching the Envidity project, domestic production of fuel from Mongolia’s coal reserves will begin. With the Envidity project at full production, the Mongolian people will no longer need to line up at gas stations for a 20 liter quota of high priced foreign supplied fuel. Mongolia will become a fuel exporter in the future.”
Retired US Army General Wesley Clark chairman of Envidity Inc announced the commitment of funds to launch a USD 1 billion Mongolian Underground Coal Gasification-Gas to Liquids project. The project will transform low quality deeply embedded, underground coal into high quality fuel, and is a first step towards fuel independence for Mongolia.
In August of last year, Envidity entered into an exclusive agreement with operator Live Energy Group LLC and Shine Shivee LLC, to transform economically stranded coal, that is over 150m deep in the strategic Shine Shivee license areas, into domestic fuel for Mongolia. On July 22 of this year Envidity exercised that option.
Envidity’s project has been recognized and encouraged by Senior Mongolian Government officials as a viable way to tackle the issue of Mongolian fuel self-sufficiency given its potential to produce 1,000 barrels per day of synthetic diesel that will satisfy 10% of local demand within 24 months, and 15,000 barrels per day within 60 months.
The project will provide Mongolia with the largest clean-energy technology transfer in its history, offering a source of clean and reasonably priced fuel and electricity for years to come. The project is expected to create 3,000 construction and 150 permanent higher salaried jobs for the Mongolian people. The project has the potential to establish over 7 commercial plants in the next 15 years and will bring as much as USD 7 billion in investment.
Mr Clark said that “Within two years of launching the Envidity project, domestic production of fuel from Mongolia’s coal reserves will begin. With the Envidity project at full production, the Mongolian people will no longer need to line up at gas stations for a 20 liter quota of high priced foreign supplied fuel. Mongolia will become a fuel exporter in the future.”
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