Oil majors are investing more…
Oil held onto gains after…
The Chicago Clean Energy project is a gasification plant which will produce synthetic natural gas from coal and petroleum coke. The facility will cost about $3 billion and is estimated to create more than $10 billion in economic output for the state of Illinois, 2,000 new jobs, and $1.25 billion in tax revenues.
The natural gas produced will equate to about five percent of Illinois’ annual demand, and provide a fuel source to be used in power plants which is 99 percent cleaner than that used in conventional power plants.
The project will also include a carbon capture system intended to trap 85 percent of the carbon dioxide produced during the gasification process; making it one of the cleanest facilities in the world.
By producing natural gas locally, Chicago energy consumers are expected to save more than $1 billion over the next 30 years.
By. Charles Kennedy of Oilprice.com
Charles is a writer for Oilprice.com