Napocor awards coal contracts

The Philippines state-owned power firm National Power Corp. secured two more coal-supply contracts worth about $20.1 million or P1.1 billion through auctions held last Friday, the Philippine Daily Inquirer reported Monday.

Industry sources said the China-based Shanxi and Shenhua coal suppliers won contracts for both the Sual and Masinloc power plants.

The contracts provide for 325,000 metric tons of coal each for the 1,200-megawatt Sual plant in Pangasinan and the 600-MW Masinloc plant in Zambales.

The Sual contract was priced at $32 per metric ton for a total of $10.4 million (about P545 million) while the Masinloc contract was rated at $32.53 per metric ton for a total of $10.6 million (about P553 million).

Last Friday's bidding was the second of four batches of calls for tenders to secure Napocor's coal supply needs up to May 2004, which is estimated at 3.13 million metric tons.

In March, Napocor was able to start the series of auctions and secured a first batch of contracts also worth P1.1 billion.

Napocor has set aside P5.6 billion for coal purchases. (*)