Oil tycoon Pickens interested in China gas deal
20 July 2007
T. Boone Pickens, a prominent American investor and majority shareholder of Clean Energy Fuels Corp, is looking to set up a chain of retail natural-gas fueling stations in China and has been approached by a Chinese firm for the partnership, though no specifics on the deal were disclosed, the Wall Street Journal reported. Pickens is bullish on the prospects of natural gas, which he says is "cheaper and better for transportation" than oil. Clean Energy Fuels' May NASDAQ listing fell short of expectations due to concerns about the cost-effectiveness of converting fleets to run on natural gas. Natural gas use is growing in China, where it is mainly used by for heating homes and cooking so far.