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Saturday, 25 July 09
HUANENG EYES MAJORITY STAKE IN PT BERAU COAL
CCTV reported that, China's largest publicly traded power company has submitted a bid for controlling stake in Indonesia's fifth largest coal miner. This will be Huaneng's first overseas coal mine acquisition deal with a controlling stake if it wins.
Huaneng Power International has submitted a bid for a 51 percent stake in PT Berau Coal. The deal is worth 1 billion US dollars. It will also enable the successful bidder to have the stable supply of coal for power generation. By the end of 2008, the Indonesian firm had coal reserves of 300 million tons. It produced 13.2 million tons of high quality coal last year.
China's largest publicly traded power company has submitted a bid for controlling stake in Indonesia's fifth largest coal miner. This will be Huaneng's first overseas coal mine acquisition deal with a controlling stake if it wins
Xie Juchen, Branch Chairman of China Electricity Council, said, "The bidding suits the country's policies in this sector. It also suits the growth of Chinese power producers. Huaneng is going to be the first Chinese power company going overseas, and this is a very good example for other firms. "
Imported thermal coal is cheaper these days. The price averages between 65 to 70 US dollars per ton, which is attractive to China's coal-fired power plants. During the first half this year, China imported 40 million tons of coal, nearly double the amount in the same period last year.
If wins, Huaneng will use the coal to supply 15 power plants in China's southeast coal regions. PT Berau Coal also has a Dutch shareholder and a Japanese shareholder. Another 4 international coal enterprises have also submitted bids.
Source: CCTV
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Monday, 27 July 09
ADANI POWER'S $625 MILLION IPO TO GENERATE HOT DEMAND
WSJ reported that, Adani Power, the electricity generating unit of India's Adani Enterprises Ltd., is set raise up to US$625 million in wha ...
Monday, 27 July 09
MIDDLE EAST COAL TO MOVE ON $1B EAST KALIMANTAN PROJECT
The Jakarta globe reported that, Middle East Coal reiterated on Monday that it would push ahead its $1 billion development program for East Kutai Re ...
Monday, 27 July 09
SHORT AND ONE YEAR PERIOD RATES FOR SUPRAMAX WAS FIRM AT AROUND US$ 18, 000 -18,500 PER DAY
COALspot.com (Singapore): The Supramax charter rates up sharply last week (ended 24th July 2009), especially India / Far East region said, Capt ...
Monday, 27 July 09
COKING COAL, IRON-ORE LIKELY TO BENEFIT NON-INTEGRATED STEEL PRODUCERS
Economictimes reported that, The second half of the financial year 2008-09 was one of the toughest periods for steel companies, especially the non-i ...
Monday, 27 July 09
GMR ENERGY BUYS EMCO POWERGEN SUBSIDIARY
DNA India reported that, Thane-based transformer manufacturer Emco Ltd has sold its stake in unlisted power generation subsidiary Emco Energy to Ban ...
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