The AuraFuel plant will utilize the AuraFuel process that AuraSource licensed from China Chemical Economic Cooperation Center (CCECC), which is a Chinese governmental division. AuraSource obtained the license for the Gulf of Tonkin Economic Region.
The AuraFuel process utilizes a low temperature catalytic process to convert oil shale and low ranking coal into feedstock for the petrochemical industry, the company said.
China Qinzhou Kai Yu Yuan New Energy is a JV between AuraSource, Mongolia Energy and Kaiyuyuan Mineral Investment Group. Kaiyuyuan Mineral provided the full funding for this plant.
AuraSource is providing the project management expertise and the license for the AuraFuel process. The JV contracted China Shandong Metallurgical Engineering as EPC general contractor, which will provide a turnkey platform under an initial operation service contract.
Philip Liu, CEO of AuraSource, said: “The fully funded Kaiyuyuan New Energy venture will give us a strong revenue base. Additionally, this plant will be the first industrial production to utilize CCECC’s LTC oil shale process conversion and to a further extent AuraSource’s clean energy technology portfolio. We look forward to partnering with Kaiyuyuan Mineral to showcase our first AuraFuel plant.”
