Aug 24, 2010

Korea East-West Power eyeing Indo coal

South Korea Electricity Company dubbed Korea East-West Power Co Ltd (EWP) eyes on Indonesia’s coals mining site as business expansion also securing fuel supply for some of the company’s power plant projects.
Executive Auditor EWP Lee Jung-Won uttered that until now, the company does not have any coals mining in Indonesia.
Despite, he said, around 40% of the company’s total consume for coal that reached 64 million per annum originated from Indonesia. “We don’t have coals mining in Indonesia but we plan to buy it [mining site]. We still looking for that opportunity,” he said yesterday as reported by
The coals imported from Indonesia, he said, were used as fuel for some power plant projects in several countries such as India, Japan, Philippines, and South Korea.
Deputy General Manager Overseas Business Division EWP Min Tae Bang added that last year, the company was succeed in importing 25.6 million tons of coals from Indonesia only for supplying the power plants fuel in South Korea only.
“Totally, we consume 64 million tons of coals every year but it only to fulfill the operational needs of our power plants abroad. Therefore, we want to buy the coals mining in Indonesia,” he said.
Regarding the fund readiness, he admitted that until now the company is seeking for the best mining location so that the total funds needed is still unknown

Disclosure: No position at the stock mentioned above.  

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