VANCOUVER, Dec. 7 /CNW/ - Petromin Resources Ltd. ("Petromin" or the "Company) (TSX.V: PTR) is pleased to announce that Canadian Prime Minister Stephen Harper - in conjunction with his official visit to the Peoples Republic of China - announced that the Government of Canada will provide funds for investment in innovative, clean technology projects including $500,000 to Petromin for the Company's China Deep Un-mineable Coal CO(2) Sequestration and Enhanced Coalbed Methane Production Project ("CCS ECBM Pilot Project"). The CCS ECBM Pilot Project involves the further development of the technology for CO(2) injection and storage in deep coal beds in China, as well as the determination of the suitability and capacity of coal seams in China, as long-term storage sites for CO(2).
The grant was announced on December 4, 2009, the second day of the Prime Minister's visit to China. The Prime Minister emphasized the importance of Canada and China working together on energy and clean technology and working with other G-20 partners to help global economic recovery. Funding is provided under Canada's role in the Asia Pacific Partnership on Clean Development and Climate ("APP"). The APP is a partnership of seven countries, namely Australia, Canada, China, India, Japan, South Korea and the United States, which have agreed to work together with industry partners to advance innovative and clean technologies within their regions.
The CCS ECBM Pilot Project is one of 19 new clean technology projects for which Canada has provided funds to demonstrate Canada's commitment to help accelerate the development and deployment of clean technologies in emerging economies such as China.
The Project is an international collaboration that includes Petromin alongside Enviro-Energy International Holdings Limited (Enviro Energy) from Hong Kong, and China United Coalbed Methane Corp. Ltd. ("CUCBM") from China. The collaborative model reflects the international cooperative principles of the APP.
The ECBM Pilot Project is operated by CUCBM. Petromin and Enviro Energy contribute specialized services including Canadian expertise as well as training to Chinese personnel and funding. As announced by the Company on November 25, 2009 the pilot operations, which are currently underway, include re-working the project injection well and operating the well for a period of time. The first CO(2) injection is planned for January 2010 after which monitoring and analysis will follow.
The Company and Enviro Energy utilize the Alberta Research Council of Canada for specialized carbon capture and storage consulting and services.
On Behalf of the Board of Directors.
President & CEO
About Petromin Resources Ltd.
Petromin Resources is a progressive international petroleum and natural gas exploration and production company listed Tier 1 on the TSX Venture Exchange. Petromin was ranked 24th of the Top 100 Fastest Growing Companies in B.C. by Business in Vancouver in 2009 based on a 704% revenue increase over the past 4 years.
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SOURCE Petromin Resources Ltd.
For further information: For further information: Mike Suk, VP Corporate Affairs, (604) 682-8831, Website: www.petromin.ca