Invested 1 Billion PetroChina to Build the First Oil Shale Base

China National Petroleum Corporation will invest RMB 1 billion into the domestic oil shale new energy exploitation. On the 14th, the reporter learned from the company that the company started construction of China's first oil shale retort refinery “pilot pilot base” in Mudanjiang City, Heilongjiang Province, and piloted the development of oil shale. PetroChina has estimated that the production of oil shale new energy will account for 20% of the country's total by 2010. Since oil shale as a new energy source has a relatively high value of exploitation, many domestic energy companies have begun to seize the market.
PetroChina estimates that after the above base is completed, it can annually process 1.2 million tons of oil shale and produce 100,000 tons of shale oil per year.
Shale oil is a new energy source that can replace oil and natural gas. It is taken from oil shale ore. Shale oil can be obtained after oil shale retorting. Shale oil can be obtained by refining gasoline, kerosene, diesel, lubricating oil and paraffin. At present, the price is as high as 4,700 yuan per ton.
The oil shale ore reserves in China are huge, and the resources are very abundant and the distribution of reserves is concentrated. It has great potential and favorable conditions as an alternative energy source. According to statistics compiled by the National Development and Reform Commission, China ranks fourth in the world after the United States, Brazil, and the former Soviet Union, according to the ranking of proven oil shale resources. The proven resources of oil shale in China amounted to 31.5 billion tons, and the forecasted resource amounted to 452 billion tons, with more than 85% distributed in Jilin Province, Liaoning Province and Guangdong Province.
With the continuous soaring of international crude oil prices and the stagnation of traditional oil production, the interest of domestic major companies in the development of oil shale is also growing. Oil shale is an unconventional resource and its processing cost is higher than that of crude oil. It is reported that Shell had started an oil shale pilot project in Jilin Province in 2006, but so far it has not announced any significant progress. Obviously, CNPC’s massive entry into new oil shale oil exploration is to seize market opportunities.
China Power Investment Group once signed a cooperation framework agreement with the Jilin Provincial Government in Jilin Huadian Oil Shale Comprehensive Development Project in 2005. The part of the refinery that will be involved will be used for power generation; and as early as three years ago, Yuedian Power Company had already fully entered the field of oil shale development.
In November 2005, Guangdong Yuedian Oil Shale Mine Joint Venture Co., Ltd. of Yuede Power Holdings was announced to be established in Maoming City. The project has a planned total capacity of 1,200 MW, an initial investment of 3.7 billion yuan, and the first phase will build 2 sets of 200 MW oil shale. Circulating Fluidized Bed Units and supporting an oil shale mining area with an annual production capacity of 6 million tons. At present, the company invested a total of 196.6 million yuan in Guangdong Yuedian Oil Shale Power Generation Co., Ltd., and the equity ratio reached 83.66%.

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