China Knowledge quoted London listed Altona Energy Plc said China National Offshore Oil Corp has secured regulatory approval from the Australian Foreign Investment Review Board to invest in the Arckaringa coal to liquids project in Australia.

Australian based Altona Energy said in a statement that it will team up with CNOOC to jointly develop the project in South Australia. CNOOC will fund a bankable feasibility study into building a plant producing 10 million barrels of distillate annually and will also act as an operator after the 51% stake acquisition in the project. The remaining 49% will be owned by Altona Energy.

Altona Energy said the soon to be implemented research is expected to be completed within between 12 months and 15 months.

(Sourced from China Knowledge)