PRZOOM - /newswire/ -
Sarasota, FL, United States, 2006/08/21 - During an audio interview Steve Khan discusses China’s growing energy crisis, and the country’s momentum to use coalbed methane gas as an energy source, to reduce air pollution and to save the lives of coal miners..
During an audio interview published on TransWorldNews, Pacific Asia China Energy (TSX-V: PCE) executive vice president Steve Khan told StockInterview.com about China’s growing energy crisis, which is draining the world’s available supplies of oil, natural gas and other commodities. Khan explained China’s growing middle class, now numbering more than 300 million, is partly responsible for the red-hot GDP growth in the first half of 2006. Because China draws about 70 percent of its energy for powering its economy from coal, the Chinese are turning more heavily to unconventional gas, known as coalbed methane, according to Khan.
More than 30,000 coal mines releasing methane gas are responsible for about 40 percent of China’s air pollution. Methane gas explosions cause the deaths of more than 6,000 Chinese coal miners every year. “China wants to reduce its air pollution and save the lives of coal miners,” said Khan. By capturing and using the gas byproduct, before coal mines start producing, China saves lives and reduces air pollution while using the gas as a clean, reliable energy source.
By awarding foreign companies large coalbed methane concessions, also known as CBM, to explore in Chinese provinces, China hopes to accelerate development of this energy source. One such giant CBM concession awarded to Pacific Asia China Energy is 970 square kilometers. “Within about 500 miles of our Guizhou project, there is a population of approximately 240 million people,” Khan said. “There are many commercial and residential users in need of a secure supply of energy.”
Khan’s Pacific Asia China Energy is currently drilling to confirm the coal research provided by China’s Coal Bureau on its Guizhou CBM concession. “Our coal data confirms an independent evaluation by a leading independent CBM appraisal firm,” said Khan. The potential exists for a significant CBM resource, possibly on the order of 5.2 trillion cubic feet. “It is important to realize the local Chinese market for gas and pricing is independent of North America,” Khan told StockInterview.
To hear the entire interview with Steve Khan, please visit this audio link below.
Stockinterview.com is an online news service, which provides investigative analysis and commentary of the nuclear fuel cycle, uranium mining, nuclear power, the environment and the natural resource industry. Over the past three years, the Internet news website has covered the nuclear energy renaissance, the worldwide uranium mining boom and the potential influence of alternative fuel sources upon China’s dramatic economic growth.