ECT delivers keynote speech at ‘China Advanced Coal Chemical Summit’

12:30PM Friday 12 November 2010, Huhhot China:

ECT Chief Executive Kos Galtos today delivered the keynote speech at the 6th Annual China Advanced Coal Chemical Summit.

Mr. Kosmas Galtos, Chief Executive delivers keynote speech

The clear message:

  • Coal demand in China is forecast to increase by 300 milion tonnes over the next decade
  • Coldry enables the cost-effective development of domestic lignite reserves for use in power generation and other higher value applications, while mitigating CO2 emissions

The response from delegates? Overwhelmingly positive.

Mr. Galtos, along with ECT’s Coldry Business Manager Mr. Ashley Moore commenced their two-week roadshow with a special welcome at a State hosted dinner last night where they were toasted as honoured guests.

Mr. Ashley Moore | Coldry Business Manager
Mr. Ashley Moore | Coldry Business Manager

The Summit, attended by major Chinese companies in addition to multi-nationals, provides a forum for engaging with industry in a highly attractive market for Coldry.

“We are pursuing discussions with numerous local Chinese energy, resource and chemical industry companies in addition to potential local prefabrication partners. We’ve even been approached to explore a potential development around bio-sequestration via an algae-coal composite pellet,” said Kos Galtos.

With the Chinese economy growing by double-digits year-on-year renewable energy alternatives can’t cost-effectively deal with the base-load demand growth. Consequently China continues to build new coal-fired power assets at a rapid-fire rate.

This trend is pushing up black coal prices; making high-moisture, low rank coals an attractive option commercially.

By dewatering low-rank coals, their CO2 intensity is significantly reduced, mitigating the inevitable impact on the environment while helping to meet the need for coal driven applications.

Kos Galtos (269x400)When asked about the concern by the Green movement over the role of coal in China’s energy future, Mr. Galtos commented; “The hard working Chinese people deserve the same living standards we enjoy in the West. Cost effective energy is critical to economic development, quality of life and our ability to afford to look after the environment. The responsibility to ensure social equity while progressively reducing carbon emissions to protect the planet is global. Accordingly it is imperative that economically sustainable, least-cost delivery of CO2 mitigation solutions takes precedence over the dangerous dogma that currently favours overly expensive wind and solar technology at the expense of those less fortunate.”

“Coldry significantly mitigates CO2 emissions while being commercially realistic, but many leaders in the West cower from the word ‘coal’ because they are ill informed and intimidated by Green dogma. It’s ironic, the Green movement wants CO2 reduction, yet by pushing extreme, costly measures they will actually lose public support thanks to sky-rocketing electricity prices hitting voters hip-pockets, thereby losing support for realistic change.”