Cougar Energy Limited ( ASX:CXY) wishes to advise that it has executed a Memorandum of Understanding (MOU) with Direct Invest Pte Ltd, the Singapore domiciled subsidiary of the Direct Invest Group, to establish Cougar Direct Invest China Limited (CDIC) for the purpose of developing Underground Coal Gasification (UCG) projects in the People's Republic of China and in Mongolia. Dr Len Walker, Managing Director of Cougar Energy said, "The development of projects via CDIC represents a highly prospective and exciting growth opportunity for Cougar Energy as we continue to expand our coal resources and operating entities across the globe utilising the world's leading commercial UCG technology".
Sydney, Dec 15, 2009 AEST (ABN Newswire) - US stocks closed at 14-month highs on the news of Dubai's US$10 billion funding and a big acquisition by Exxon Mobil, which agreed to acquire XTO Energy for US$31 billion in stock.
In Asian markets, investors bought in stocks and high-yielding currencies after concerns about Dubai debt eased yesterday. The US dollar declined Monday after Abu Dhabi granted a last-minute bailout of Dubai. The euro and other more risky currencies such as the Australian, New Zealand and Canadian dollars were boosted.
Company News
Cougar Energy Limited (ASX: CXY) wishes to advise that it has executed a Memorandum of Understanding (MOU) with Direct Invest Pte Ltd, the Singapore domiciled subsidiary of the Direct Invest Group, to establish Cougar Direct Invest China Limited (CDIC) for the purpose of developing Underground Coal Gasification (UCG) projects in the People's Republic of China and in Mongolia. Dr Len Walker, Managing Director of Cougar Energy said, "The development of projects via CDIC represents a highly prospective and exciting growth opportunity for Cougar Energy as we continue to expand our coal resources and operating entities across the globe utilising the world's leading commercial UCG technology".
U.S. gold producer Newmont Mining Corp (NYSE:NEM) and a unit of Japan's Sumitomo Corp (TYO:8053) have completed the sale of a 7 percent stake in an Indonesian joint venture to a consortium for US$247 million. Newmont said in a statement that it had received about US$139 million from the sale, part of a total 14 percent share sale agreed in November. The shares were bought by a consortium of Indonesian local governments and PT Multicapital.
Singapore's Hyflux (SIN:600) said on Monday it has signed a joint venture agreement with Japan's JGC Corp (TYO:1963) to develop water projects in China. The joint venture's first project will be to expand the designed capacity of a seawater desalination plant in Tianjin, China to 150,000 cubic metres per day from the current 100,000 cubic metres per day.
Singfuel Investment Pte. Ltd., a unit of Glencore International AG, has offered to buy a 50.81% stake in Singapore's Chemoil Energy Ltd. (SIN:AV5) for a cash consideration of about US$233.28 million. Singfuel said it has entered into a share-purchase agreement with the Chandran family trust, the founders of Chemoil, a marine fuel supplier, to buy their stake in the company and has also offered to buy the remaining stake.
China Cosco Holdings Ltd. (HKG:1919) said Tuesday it expected a net loss in full year 2009 as the global financial crisis hit the shipping market and the fall in international trade pushed down freight rates. The shipping giant posted a net profit of 10.83 billion yuan in 2008.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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