Sunpec in S. Sumatra coal mining deal
Wednesday, July 22 2009 - 02:57 AM WIB
Hong Kong Stock Exchange ?listed firm Sino Union Petroleum & Chemical International Limited (SUNPEC) reported on Tuesday that its subsidiary Sino Compass Holding Limited has signed an MOU with Indonesian firm PT Sugico Graha (SG) over the possibility to jointly exploit the latter?s coal concession in South Sumatra.
According to Sunpec, SG has coal reserves of approximately 2 billion tonnes.
Sunpec said under the MoU it would be able to acquire 51 percent shares of SG.(alex)