Sumber Energi eyeing to trade 200,000 tons coal in 2014

By Andi Istrada

IDX-listed company PT Sumber Energi Andalan Tbk expected to to start trading coal in 2014. In its statement to the IDX on Monday the company said it would start the coal trading activity with about 200,000 tons in the first year, then would gradually increase it to 500,000 and 1,000,000 tons in the second and third year of operation.

It said that coal trading will be done mainly with a view to satisfy the demand in growing markets like India and China, which are expected in the near future to rely heavily on imports

At the beginning the coal trading unit would start by trading coal for its parent company and later include coal from third parties.

Last year, Sumber Energi signed a sale and purchase agreement to buy 30 percent shares in PT Mitratama Perkasa from coal miner PT Bumi Resources Tbk.

Business of the Surabaya-based Sumber Energi includes mining, trading, construction, service, industrial and investment sector.

Editing by Adianto P. Simamora