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Sinopec and Geysir Green Energy to establish geothermal development corp.

Geothermal Installation, Xian Yang, Shaanxi Province, China (source: Shaanxi Green Energy)
Alexander Richter 18 Jun 2010

Sinopec Star Petroleum from China and Icelandic Geysir Green Energy sign a framework agreement for the establishment of a Sino-Icelandic Green Energy Geothermal Development Corporation, to develop geothermal district heating services on a broader scale in China.

“A Framework Agreement on the establishment of Sino-Icelandic Green Energy Geothermal Development Corporation between Sinopec Star Petroleum Company and Geysir Green Energy / Enex Kina was signed at the Icelandic Ministry of Foreign Affairs”, last week, according to a release by Geysir Green Energy and local news from China. According to both pieces, “The establishment of the new corporation will be a platform for nation-wide geothermal development in China.

“Enex Kina (Enex China) and Sinopec share a common objective to promote further development of the renewable energy sector, and to develop geothermal district heating services on a broader scale in China. Enex China is a subsidiary of Geysir Green Energy that has built up two geothermal district heating projects in Shaanxi and Hebei province in a Joint Venture with Sinopec Star. The existing geothermal district heating systems in Xianyang city and Baoding city, owned and operated by the JV, are also going to be enlarged from their current installed peak-load capacity of 140 MWth.

Dr. Zhan Qi, President of Sinopec Star signed the Framework Agreement at the Icelandic Ministry of Foreign Affairs on behalf Sinopec Star. Mr. Alexander Gudmundsson, CEO of Geysir and Chairman of Enex China signed the agreement on behalf of Enex China and Mrs. Katrin Fridriksdottir, Geysir’s Chairman on behalf of Geysir.

Also present at the signing ceremony were Mr. He Guoqiang Member of the Standing Committee of the Political Bureau of Central Committee of the Communist Party of the People’s Republic of China, Mr. Össur Skarphedinsson, Iceland’s Minister for Foreign Affairs and Mr. Su Ge, Ambassador of the People’s Republic of China.
Source: Shanghai DailyGeysir Green Energy