Henan Province-based Chinese steel producer Wuyang Iron and Steel Co. (Wuyang Steel) has announced that on October 27 it inked a strategic cooperation agreement with Inner Mongolia Yitai Group regarding a new project for the transformation of coal to natural gas.
The three-phase project costing RMB 64.5 billion ($10.16 billion) will be built in the 2011-16 period. Construction of the first phase, costing RMB 22.5 billion ($3.54 billion), will start in 2011 and be completed in 2014; the second phase costing RMB 22.2 billion ($3.49 billion) will be built in the 2012-15 period; while the third phase will be built at a cost of RMB 19.8 billion ($3.12 billion) in 2013-16.