The two largest energy consuming markets – USA and China – share two other traits.

Low and dwindling supplies of domestic oil and gas.

Large reserves of domestic coal.

Arctas believes there will continue to be huge opportunities in the area of coal conversion projects: liquid fuels, chemicals and (in some cases) IGCC powergen.

Arctas has been in discussions and negotiations with some of the leading coal conversion project developers and technology players (however, specific disclosures are precluded due to confidentiality undertakings).

The long-run key to the industry will relate to managing carbon emissions.