November 27th, 2008 | Caijing Magazine BP Invests in Clean Energy in China
BP has partnered with the Chinese Academy of Sciences to push forward the commercialization of clean energy technologies in China.
By staff reporter Zhou Lingling
On November 26, world leading energy company BP signed an agreement with the Chinese Academy of Sciences (CAS) to jointly establish a Clean Energy Commercialization Centre (CECC) in Shanghai.
The joint venture, which will be located in the Shanghai Pudong Science and Technology Innovation Park, involves a total investment of 500 million yuan. BP holds 41 percent of the venture while CAS holds the remaining 51 percent. It will focus on pushing forward the commercialization of clean energy technologies in China.
The center, currently awaiting government approval, is expected to be established in early 2009.
The CECC will work to integrate energy-related technologies developed by CAS institutes and other research organizations into manufacturing systems, and promote market acceptance of technologies such as coal gasification and conversion, carbon capture and storage, coal bed methane and underground coal gasification.
BP and CAS reached a primary agreement on the venture early in August 2007 as a step to tap China’s potential clean energy market.