BP to set up clean energy venture in Shanghai

Shanghai, December 2 (Gasgoo.com) British oil major BP Plc and the Chinese Academy of Sciences (CAS) signed an agreement in Beijing on Nov. 26 to set up a joint venture the Clean Energy Commercialization Center (CECC) in Shanghai, with total investment of 500 million yuan ($73.2 million) to commercialize clean energy technologies in China.

The center 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, -- into competitive integrated manufacturing systems and solutions.

"Deploying technologies to exploit coal resources more effectively and efficiently is one of the greatest challenges facing China," said Li Jinghai, vice-president of CAS. "Innovative solutions will bring positive impact not only to China, but also to the global economy and also supports 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.

The joint venture, located in the CAS Shanghai Pudong Sci-tech Innovation Park, is subject to governmental approval and expected to be established early next year. BP will own 49 percent in the venture.