POSCO to build coal to liquid plant in Mongolia
POSCO will kick off a coal to liquid business in Mongolia in partnership with a local company there.
The steel company said that it has joined hands with MCS Group, one of Mongolia's largest private companies to build a clean energy plant, named Baganuur Energy Corporstion in the Baganuur district of Ulaanbaatar at the cost of USD 2 billion.
CTL refers to converting coal to liquids by a hydrogenation process and then extracting dimethyl ether which is cheaper than liquefied petroleum gas and produces less carbon dioxide. It has emerged as a new alternative to oil and other fossil fuels. POSCO said the joint venture plans to produce 100,000 tonnes of dimethyl ether and 450,000 tonnes of diesel oil per year.
Mr Won Kang hee POSCO's head of Mongolian unit said that "Given Mongolia's oil consumption is forecast to rise to 3.5 million tonnes by 2020 from last year's 800,000 tonnes we are optimistic about our business prospect. Once the CTL plant is up and running, Mongolia will become a bridgehead for us to expand toward the world in the new energy resource area."
Source - English.hankyung.com
The steel company said that it has joined hands with MCS Group, one of Mongolia's largest private companies to build a clean energy plant, named Baganuur Energy Corporstion in the Baganuur district of Ulaanbaatar at the cost of USD 2 billion.
CTL refers to converting coal to liquids by a hydrogenation process and then extracting dimethyl ether which is cheaper than liquefied petroleum gas and produces less carbon dioxide. It has emerged as a new alternative to oil and other fossil fuels. POSCO said the joint venture plans to produce 100,000 tonnes of dimethyl ether and 450,000 tonnes of diesel oil per year.
Mr Won Kang hee POSCO's head of Mongolian unit said that "Given Mongolia's oil consumption is forecast to rise to 3.5 million tonnes by 2020 from last year's 800,000 tonnes we are optimistic about our business prospect. Once the CTL plant is up and running, Mongolia will become a bridgehead for us to expand toward the world in the new energy resource area."
Source - English.hankyung.com
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