PHI Group signs deal to deliver RI coal to Vietnam
Thursday, January 24 2013 - 02:23 AM WIB
Nasdaq-listed PHI Group Inc recently announced it has signed a business cooperation agreement with My Son Import Export and Investment Joint Stock Company (My Son IEI), a Hanoi-based company, to provide coal supplies from Indonesia to Vietnam.
No detail of the deal was provided.
Established in 2005, My Son IEI is licensed to engage in the exploitation of iron ores and other industrial minerals and the import and export of energy resources, such as coal, oil products, and other energy-related commodities.
PHI Group has signed a definitive agreement to acquire 70% of PT Tambang Sekarsa Adadaya, an Indonesian company that owns a 9,690-hectare coal concession reportedly with over 71 million tons and 205 million tons indicated and measured coal resources respectively in West Sulawesi.
"We are delighted to cooperate with PHI Group to help meet the increasing demand of coal as a main energy fuel in Vietnam. We expect to supply several hundred thousand metric tons of coal per month to thermal power plants and other factories,"Duong Anh Son, chairman of My Son IEI said.
Editing by Er Audy Zandri