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CNBC reported that coal gasification, a process by which coal is converted into a synthetic known as syngas, is gaining popularity among energy watchers because syngas can be used as an alternative to both crude and natural gas. It is also seen as a way to help curb crude oil demand.
CNBC reported that coal gasification, a process by which coal is converted into a synthetic known as syngas, is gaining popularity among energy watchers because syngas can be used as an alternative to both crude and natural gas. It is also seen as a way to help curb crude oil demand.
As quoted in the market news:
‘Supply/demand and prices in the global oil market would probably see a huge impact if coal gasification and GTL were to replace oil on a large scale in China and the U.S., the world’s two largest consumers of energy,’ Nomura said.
‘We think that syngas made from coal and natural gas could replace as much as 30-40 percent of the expected increase in global crude oil demand between 2011 and 2020,’ the bank added.