Zhangjiagang Government Inks Shale Pact

The Zhangjiagang government, the Zhangjiagang Free Trade Zone administrative committee and Oriental Energy signed an agreement to set up a research and production centre for shale gas in Zhangjiagang, Jiangsu province, according to China Daily.

Oriental Energy, formerly known as Zhangjiagang Oriental Energy Co., Ltd., has made significant efforts to acquire shale gas reserves. The group signed a long-term agreement with enterprises from North America to get necessary resources such as propane, butane and methanol.

The group has invested 36 billion yuan ($5.88 billion) to cooperate with domestic enterprises to build a development and manufacturing centre for the use of shale gas in 3-5 years, China Daily said.