Melbourne, Feb 6, 2009 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) advises that commercial negotiations with Victoria Capital, for the purchase up to 20M tonnes of Coldry per year for 20 years (Letter of Intent announced 18 November 2008) are progressing productively.
ECT Chief Executive Kos Galtos said after a few stop-starts to negotiations over the past few months, he is organising to meet with senior representatives of Victoria Capital and a major Chinese power station that is to be the end user of the Coldry product, in late February.
"Signing the Letter of Intent in November was a major strategic milestone for ECT," he said. "Unfortunately the uncertainty in the global economy stalled Victoria Capitals' planned visit to Melbourne last year."
"This is a very significant deal for ECT that will shape the company over the next two decades; it is crucial we get the agreements absolutely right and we are working closely with Deacons Lawyers, and their expert black coal team, to make this so."
Victoria Capital is a Vietnamese based company that currently sells 120M t.p.a. of thermal coal in China and has been offered the right to provide equity into the project vehicle to build the Coldry plant that will deliver this order.
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) bridges the gap between the current high emission reality and the zero-emission world of the future. ECT's technology aims to play a key role in the transitional pathway to net zero by utilising abundant low rank and waste fuel sources in a new, clean way. ECT's technology suite creates clean and reliable applications and products for the energy, agricultural and industrial sectors.
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