BP and Rio Tinto had earlier invested $55m each to develop the feasibility study for the project.

The new company will integrate electricity generation with urea production and will use the hydrogen produced from solid fuel gasification process to generate electricity, urea or both.

The plant will also capture 90% of the CO2 produced and transport it to an oil field nearby to use for enhanced oil recovery and sequestration in deep underground geological formations.

The project is also seeking other investors to finance the project.