Ervington Investments Ltd. agreed to fund Australian gas-to-liquid fuel technology developer company Linc Energy Ltd. The investment was led by Ervington Investments' billionaire owner Roman Abramovich. The said investment was to fund researches and further studies in Russia.
Linc Energy will study 'underground coal gasificiation' technology and its possible uses with Ervington Investments' subsidiary LLC YakutMinerals. The partnership will conduct research on the production of liquid fuels in Northeastern Russia said Linc Energy.
Linc owns an underground coal gasification plant in Uzbekistan. Ervington plans to produce liquid fuels that are less polluting to address the Chukotka region's reliance on importing. According to them, finding suitable coal deposits will decrease the region's import dependence.
Linc's market shares dropped by 2,1 perct to A$1.16 in Sydney trading today at 11:04 a.m.
Ervington Investments, which is under Abramovich's Millhouse LLC, was geared towards funding clean technology.
UCG, or underground coal gasification is the process of burning coal subterraneously to produce gas used in energy generation.
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