New Milestone in Chinese Icelandic Geothermal Collaboration
On 24th of August the owners of Shaanxi Green Energy Geothermal Development Company (SGE), China´s Sinopec Star and Iceland´s Enex Kina signed a new agreement in Beijing. According to the agreement, Sinopec New Star Co. which holds 51% of shares and Iceland Enex which holds 49% of Shaanxi Green Energy, will increase the SGE shares by 50 million USD in order to speed up the development and expansion of the well established joint venture and lay a further foundation for development of geothermal projects in China.
The company, launched in 2006, now provides geothermal energy to heat over 3 million square meters. Under the new agreement, SGE is expected to grow to heat over 20 million squaremeters in the next few years, making it the world´s largest geothermal space heating company.
For further information in English see Enex China Press Release and in Chinese, see Sinopec website.