China miners, power cos to invest in coal exchange

TAIYUAN, China, Sept 17 (Reuters) - Chinese power companies and the country's top coal miners, such as Shenhua Energy , will invest 1 billion yuan ($133 million) to set up a national exchange for the hydrocarbon in Shanxi province, China's top producer of the commodity.

An official from the state-owned Shanxi Coal Transportation & Sales Group told reporters investors for the first phase of the exchange also included China Coal Energy Co .

He gave no further details.

In August, Beijing gave the green light for the establishment of the China Taiyuan Coal Trading Market, a national exchange for coal trade, as it takes steps to free up coal prices after decades of state control.

The deputy governor of Shanxi province said on Sunday the exchange was likely to be launched before the end of the year.

It follows Beijing's decision last year to allow coal producers and consumers to negotiate prices and volumes among themselves for the 2007 annual supplies, a break from years of a heavy government hand in pricing.

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