LG enters coal business in Indonesia
Monday, July 9 2012 - 01:05 AM WIB
?We have secured an exclusive right to operate mines owned by PT. Ganda Alam Makmur and sell coal produced from them. We made a giant step toward becoming a leading global coal supplier,?? an LG International spokesman said as quoted by Koreatimes.co.kr.
The company will continue seeking to acquire more coal mines overseas. The company also owns coal deposits in China, Australia and Russia.
"We think coal has emerged as a viable alternative energy source to crude oil as the value of black gold has surged in recent years. It makes more sense businesswise given the geopolitical sensitivity of crude oil. Coal is highly energy-efficient and cost-effective in generating electricity," the spokesman said.
Public concerns have grown over the safety of nuclear power plants following the meltdown of the Japanese nuclear power plant. Last year?s nuclear plant explosion has made governments around the world more nervous about relying on nuclear energy for generating electricity.
"Additionally, the use of solar and other renewable energy sources has largely remained in stalemate due to their low economic feasibility. For the time being, we believe coal is the most reliable, cost-effective and environment-friendly energy for electricity generation," the spokesman said.(*)