Jul 12, 2011

Bayan to supply coal to Kariangau Power

Coal miner PT Bayan Resources Tbk (BYAN), that is owned by Dato's Low Tuck Kwong, has agreed to supply 3.45 million metric tons per year to PT Kariangau Power. In line with the supply, Bayan will deliver 230,000 metric tons starting for 2012 until 15 years onwards.  
Bayan has also entered into a conditional sales and purchase agreement to supply 100 million metric tons of low sulphur coal to three power plants with combined capacity of 6,000 metric tons.
The power plants are Saurashtra Super Thermal Power Project, Gujarat Unit-1, Saurashtra Super Thermal Power Project, Gujarat Unit-2, and Sagar Super Thermal Power Project, West Bengal Unit-3. The power plants will be constructed and owned by Universal Crescent Power Private Limited, a wholly owned subsidiary of Universal Success Enterprises Limited (USE).
The agreement is valid for 15 years commencing on 2015 which is conditional on USE achieving financial closure of the projects on or before 31 2013.

Disclosure: No position at the stock mentioned above.
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