Contents:

A. Executive Summary B. Understanding Coal B.1 Coal Basics B.2 Coal as a Fuel – Historical Perspective B.3 Composition of Coal B.4 Types of Coal B.4.1 Anthracite B.4.2 Lignite B.4.3 Bituminous B.4.4 Sub-Bituminous B.5 Coal Fuel - The Environmental Fallout B.6 Coal Burn Residue Management C. Consolidation in the Global Coal Industry D. Rising Global Demand for Oil E. Background Analysis E.1 Background E.2 Technical Background F. Overview of Coal to Liquids F.1 Introduction F.2 Direct Liquefaction F.3 Indirect Liquefaction F.4. Defining Higher Heating Value & Lower Heating Value F.5 Analyzing the Gasification Process F.6 Products Produced from Syngas F.7 Role of Substitute Natural Gas F.8 Role of Methanol F.9 Role of Dimethyl-Ether F.10 Role of Liquids Hydrocarbons G. History of Coal to Liquids G.1 Historical Background G.2 History of Direct Liquefaction G.3 History of Indirect Liquefaction H. Overview of the CTL Process H.1 Introduction H.2 Carbonization & Pyrolysis H.3 Looking at Direct Liquefaction H.3.1 Coal Liquefaction H.3.2 Production of Hydrogen H.3.3 Product Improvement H.3.4 Offsite Plants H.4 Looking at Indirect Liquefaction H.4.1 Production of Syngas H.4.2 Conversion of Synthesis Gas H.4.3 Product Improvement H.4.4 Offsite Plants H.5 A Look at Coal to Gasoline H.6 Comparing CTL and CTG I. Analyzing Products of the CTL Process & Yields J. Analyzing the Capital Cost Involved in CTL K. Investment in Global Coal to Liquids L. Analyzing Carbon Emissions from CTL Plants L.1 Overview L.2 Transport Emissions L.3 Process Emissions M. Liquid Coal & Global Warming N. Managing GHG Emissions from CTL N.1 Overview N.2 Carbon Capture & Sequestration N.3 Enhanced Oil Recovery & Carbon Capture N.4 Combined Gasification of Coal & Biomass O. Benefits of Coal to Liquids Production P. Barriers to CTL P.1 Permitting Issues P.2 Agreements with Vendors Issues Q. Rising Fuel Prices & CTL R. Analyzing the Market Potential of CTL R.1 Global Overview R.2 Looking at Australia R.3 Looking at China R.4 Looking at Germany R.5 Looking at Indonesia R.6 Looking at India R.7 Looking at the US R.8 A Look at Market Incentives S. Analyzing Processes Related to CTL T. Coal to Liquids in the United States T.1 Requirement of CTL in US T.2 US’ Abundant Supply of Coal T.3 Why is CTL Not a Reality in the US T.3.1 Dangers of Coal Mining T.3.2 Global Warming & CO2 Emissions T.3.3 Pollution from Liquid Coal T.4 Existing Technologies in the US T.5 Advantages of CTL to the US T.6 Commercializing the CTL Industry T.7 CTL & US Energy Security T.8 The US Environment & CTL T.9 US Economy & CTL T.10 Role of the Federal Government T.11 Requirements for the Future U. Future Perspective of CTL U.1 Future Outlook U.2 Oil Prices Outlook & CTL U.3 Future Outlook on CTL Capital Costs U.4 Future Outlook on Feedstock Costs U.4.1 Coal Consumption U.4.2 Coal Cost U.4.3 Coal Quality U.4.4 Barriers to Coal Production U.5 Outlook for Availability of Equipment for CTL Plant Construction U.6 Regulatory Outlook U.7 Future Requirements for Transportation U.8 Forecast on Carbon Dioxide Emissions U.9 China’s Economic Growth U.10 Technological Advancements U.11 Global Forecast for CTL Market V. Case Studies V.1 Alaska West Cook Inlet CTL Project V.2 Healy Coal-to-Liquids Plant V.3 CTL Project Carbon County, Wyoming V.4 Medicine Bow CTL Project V.5 Sasol’s CTL Project in the Shaanxi Province V.6 Refinery-Based CTL Pathways for Jet Fuel & Other Products V.7 Emergence of Plug-in Hybrids V.8 Coal to Liquids in South Africa V.9 Coal to Liquids in China W. Leading Industry Contributors W.1 Conoco W.2 DKRW Advanced Fuels W.3 NEDO W.4 Sasol W.5 Shell China W.6 Synthesis Energy Systems W.7 Syntroleum Corporation W.8 Rentech X. Appendix Y. Glossary of Terms

Companies Mentioned

- Conoco - DKRW Advanced Fuels - NEDO - Sasol - Shell China - Synthesis Energy Systems - Syntroleum Corporation - Rentech