OPG extends coal import arrangement with RI supplier

By Ruli Setiawan

LSE-listed OPG Power Ventures Plc said that it has extended its arrangement with its current principal Indonesian coal supplier until to 30 June 2014.

The company said in a statement Tuesday the US dollar denominated free on board (FOB) price agreed is below spot prices of our current purchases and approximately 5 percent higher than the company's current contract . Based on current freight and duty costs, the expected increase in the cost of delivered coal to the plant is expected to be around 4 percent.

The quantum of coal represented under the agreement accounts for approximately 40 percent. of the company's expected purchases of imported coal during the period to 30 June 2014.

OPG is operating and developing power projects in India under the group captive model with 270 MW in operations and a further 472 MW under development. In the year ended 31st March 2013 , group revenues were ?56m and profit before tax was ?10.5m.

Editing by Reiner Simanjuntak