Linc Energy Limited (ASX:LNC)
has signed an agreement with billionaire Roman Abramovich’s Ervington Investments, to study projects in Russia.
The oil and gas explorer will study underground coal gasification with Ervington Investments’ YakutMinerals unit to make liquid fuels in north eastern Russia.
Linc, which has a UCG plant in Uzbekistan, and Ervington Investments plan to work together to produce less-polluting liquid fuels to help Russia decrease its reliance on imports.
Linc told media in December that it was in talks with Mr Abramovich, who owns Chelsea Football Club.
Ervington Investments, which sits within Mr Abramovich’s investment company, was set up to fund clean technology.
Linc Energy posted a net loss of $41.7 million in the first half of the current financial year.