Adaro?s coal export to Spain?s Carboex drops by 30 percent

Indonesia-listed energy firm PT Adaro Energy Tbk has seen its coal export to Spain drops by up to 30 percent due to the impact of the Greece debt crisis, but it can be compensated from other Asian markets in China and India.

?Our export to the Sociedad Espaola de Carbon Exterior (Carboex) of Spain has dropped by about 25 to 30 percent as the Greece debt crisis has impacted Spain,? said Adaro Energy?s president director Boy Garibaldi Thohir on the sidelines of closing ceremony of the Indonesian Mining Updates 2010 in Jakarta on Tuesday night.

Carboex is a Spanish state-owned company, assigned by the Spanish government to manage the coal import to the country.

Carboex's import from Adaro is 1.5 million tons per year, he said.

But he added that the demand from China, India, Malaysia and Taiwan had increased by between 25-30 percent. ?In addition to that, we also see a bullish market at home,? he noted.

?If you say bullish market currently, that?s true. However, it has also tightened competition as other players from South Africa, Australia, and Colombia enter the markets,? he said.

Adaro Energy through its South Kalimantan coal miner PT Adaro Indonesia (AI) produced 11.36 million tons of coal in the first quarter of 2010. He also said that AI is on track to produce 45-46 million tons of coal this year. (godang/bernard)