The developer of what is touted as a first-of-its-kind commercial clean coal power and carbon capture & storage (CCS) plant, partly funded by the US Department of Energy, is in talks with Chinese oil major Sinopec for a USD1 billion investment.
News of the proposed deal was leaked to the Wall Street Journal, which reported that Sinopec, along with unnamed Chinese banks, is in talks to acquire an equity stake and provide financing for the USD3 billion Texas Clean Energy Project (TECP).
Back in Sinopec’s home market, meanwhile, the Asian Development Bank (ADB) is backing China’s own efforts to develop large scale CSS demonstration projects and related technology. The ADB has made an initial USD2.2 million grant, with the suggestion of more to come, to help fast-track what it describes as a critical technology to combat climate change.
http://www.cleanbiz.asia/story/sinopecs-texas-play-underlines-strategic-importance-ccs