Envidity launches USD $ 1 Billion Coal Gasification Project in Mongolia

August 19, 2011, Ulaanbaatar - Retired US Army General Wesley Clark, Chairman of Envidity Inc., announces the commitment of funds to launch a US$1 billion Mongolian Underground Coal Gasification-Gas to Liquids project.

August 19, 2011, Ulaanbaatar - Retired US Army General Wesley Clark, Chairman of Envidity Inc., announces the commitment of funds to launch a US$1 billion Mongolian Underground Coal Gasification-Gas to Liquids project. The project will transform low-quality deeply-embedded, underground coal into high-quality fuel, and is a first step towards fuel independence for Mongolia. “Within two years of launching the Envidity project, domestic production of fuel from Mongolia’s coal reserves will begin”, General Clark announced. “With the Envidity project at full production, the Mongolian people will no longer need to line up at gas stations for a 20 liter quota of high-priced foreign supplied fuel. Mongolia will become a fuel exporter in the future” Clark continued. In August of last year, Envidity entered into an exclusive agreement with operator Live Energy Group LLC and Shine Shivee LLC, to transform economically stranded coal, that is over 150m deep in the strategic Shine Shivee license areas, into domestic fuel for Mongolia. On July 22 of this year Envidity exercised that option. Envidity’s project has been recognized and encouraged by Senior Mongolian Government officials as a viable way to tackle the issue of Mongolian fuel self-sufficiency given its potential to produce 1,000 barrels per day of synthetic diesel, that will satisfy 10% of local demand within 24 months, and 15,000 barrels per day within 60 months. Canadian and US government officials are closely following the project. “Prime Minister Batbold asked me in March 2010 during a meeting in Ulaanbaatar to help bring this kind of project to Mongolia. With the Envidity Project now ready for launch, I have kept my promise to the Prime Minister in bringing this patented UCG-GTL technology to Mongolia to allow domestic production of transport fuels. This is a key strategic project for Mongolia. I look forward to advancing this project with the Mongolian government, and trust that Prime Minister Batbold will underscore his commitment to this project.” Clark concluded. The project will provide Mongolia with the largest clean-energy technology transfer in its history, offering a source of clean and reasonably priced fuel and electricity for years to come. The project is expected to create 3,000 construction and 150 permanent higher salaried jobs for the Mongolian people. The project has the potential to establish over 7 commercial plants in the next 15 years and will bring as much as $7B in investment. Source:www.wireservice.ca