CTL refers to converting coal to liquids by a hydrogenation process and then extracting dimethyl ether, which is cheaper than liquefied petroleum gas and produces less carbon dioxide. It has emerged as a new alternative to oil and other fossil fuels. POSCO said the joint venture plans to produce 100,000 tons of dimethyl ether and 450,000 tons of diesel oil per year.
Won Kang-hee, POSCO's head of Mongolian unit, said, "Given Mongolia's oil consumption is forecast to rise to 3.5 million tons by 2020 from last year's 800,000 tons, we are optimistic about our business prospect. Once the CTL plant is up and running, Mongolia will become a bridgehead for us to expand toward the world in the new energy resource area."
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