August 31, 2009 / 6:18 AM / 10 years ago

China Shenhua to build coal reserves in Fuzhou -paper

SHANGHAI, Aug 31 (Reuters) - China’s top coal miner, Shenhua Group Corp, plans to build coal strategic reserves, deep-water berths, and power generation projects in the southeastern city of Fuzhou, the city’s official paper reported.

The coal hub will be built in Luoyuan Bay, a planned deep-water harbour area with the ambition to become a major bulk commodities port in southeastern China, the Fuzhou Daily said. (www.fznews.com.cn)

“Based on the arrangement of the state’s strategic coal reserves, the two parties have reached a cooperation agreement to build a number of deep-water berths, environment-friendly state-level strategic coal reserves, a large international bulk commodities port, large thermal power stations and to form large fleets to serve local firms and the coal base,” the paper said.

The paper did not give details on Shenhua’s investment scale, capacity of the reserves, or time frame for the project, but said Fuzhou’s government vows to help the project to launch construction as soon as possible.

Fuzhou is the seat of the provincial government of Fujian, a coastal province in southern China that is a major consumer of imported coal.

A Shenhua spokesman declined to comment on the plan.

Earlier in the month, the China Daily quoted a senior company official and said that Beijing had asked Shenhua to build 10 storage facilities for coal across the country. [ID:nSHA346682]

Shenhua Group’s listed arm, China Shenhua Energy Co (1088.HK)(601088.SS), posted record quarterly profits on higher sales and output, and said it expected a fledgling recovery in China and the region to boost demand for coal. [ID:nLS101230] (Reporting by Rujun Shen and Edmund Klamann; Editing by Ken Wills)

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