AI
Tuesday, September 09, 2014 4:00:00 PM
SCOK (China)...speaking of coal...Syngas
Looks fun...we'll have to try and catch a drawback...
...from IBD...
SinoCoking (NASDAQ:SCOK) soared as much as 213% after it said it will use a new technology to convert coal into a cleaner-burning fuel called syngas.
The coal and coke miner signed agreements with two Chinese government-affiliated think tanks, the Institute of Process Engineering of the Chinese Academy of Sciences and the North China Institute of Science and Technology, to refine and begin using the technology next month.
SinoCoking shares were up 184% in afternoon trading on the stock market today.
China is pushing for greater use of cleaner-burning fuels to combat significant pollution problems throughout the country as it continues to industrialize.
Syngas is created by gasification, a process in which intense heat is used to split fossil fuels such as coal into component elements that are then mixed with oxygen or steam to create syngas.
SinoCoking plans to convert an estimated 21 million tons of coal at four of its mines in Henan province into syngas. The mines will be reopened next month after being shut down three years ago by the Chinese government under a mine consolidation program.
The first phase of the project will cost about $18 million. It's expected to be completed in February 2015 and yield syngas output of 60,000 cubic meters per hour, which the company says will equate to $30 million-$45 million in added gross profit by 2015.
When the project is completed in 2016, the mines will have capacity of 880,000 cubic meters of syngas per hour, which SinoCoking plans to sell to local power, chemical and transportation companies, as well as to provide electricity to households in Henan.
SCOK
Looks fun...we'll have to try and catch a drawback...
...from IBD...
SinoCoking (NASDAQ:SCOK) soared as much as 213% after it said it will use a new technology to convert coal into a cleaner-burning fuel called syngas.
The coal and coke miner signed agreements with two Chinese government-affiliated think tanks, the Institute of Process Engineering of the Chinese Academy of Sciences and the North China Institute of Science and Technology, to refine and begin using the technology next month.
SinoCoking shares were up 184% in afternoon trading on the stock market today.
China is pushing for greater use of cleaner-burning fuels to combat significant pollution problems throughout the country as it continues to industrialize.
Syngas is created by gasification, a process in which intense heat is used to split fossil fuels such as coal into component elements that are then mixed with oxygen or steam to create syngas.
SinoCoking plans to convert an estimated 21 million tons of coal at four of its mines in Henan province into syngas. The mines will be reopened next month after being shut down three years ago by the Chinese government under a mine consolidation program.
The first phase of the project will cost about $18 million. It's expected to be completed in February 2015 and yield syngas output of 60,000 cubic meters per hour, which the company says will equate to $30 million-$45 million in added gross profit by 2015.
When the project is completed in 2016, the mines will have capacity of 880,000 cubic meters of syngas per hour, which SinoCoking plans to sell to local power, chemical and transportation companies, as well as to provide electricity to households in Henan.
SCOK
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