Bayan delays coal shipment to Vitol
Wednesday, March 3 2010 - 03:06 AM WIB
IDX-listed coal mining group PT Bayan Resources Tbk will delay the shipment of about 1.18 million tons of coal to to Vitol Asia Pte. Ltd from 2010 to 2011, 2012, 2013 and 2014, the company has said.
In its statement on Tuesday, Bayan said that the delay in export shipment was part of the amendment of ?Facility Credit and FOB Contract for Sale and Purchase Coal? with Vitol Asia.
Bayan signed facility credit agreement with Vitol Asia in 2007.
In the contract amendment, Bayan and Vitol also agreed to increase the amount of installment payable by Bayan from US$5 per ton of coal shipment to $6.7 per ton of coal shipment. (denny)