China-Backed Investment Co. To Inject $5B Into Shale Gas JV

Law360, New York (June 26, 2012, 3:58 PM EDT) -- Chinese government-owned State Development & Investment Corp. will make a blockbuster $4.7 billion joint venture investment in domestic shale gas and coal projects as China attempts to ramp up shale gas production, according to news reports Tuesday.

SDIC has formed a joint venture with the government of Chongqing, a municipality in southwest China, that will focus on exploration and development of shale gas plays in Chongqing, particularly in its fossil fuel-rich eastern portion, Chinese state-owned news agency Xinhua reported.

Chongqing is one of four municipalities directly...
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