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Sembcorp India plant signs 10 year coal contract

Friday, 24 February 2012 | 00:00
Singapore-based Sembcorp Industries said its Indian joint venture, Thermal Powertech Corp, has signed an agreement with Indonesia's PT Bayan Resources for supply of about one million tonnes of coal per year for 10 years.
The contract, which is for an aggregate of 10 million tonnes of coal, is expected to commence in 2014, Sembcorp said in a statement.
Sembcorp owns 49% stake in Thermal Powertech Corp through its wholly-owned subsidiary, Sembcorp Utilities, while Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects, owns the rest.
"With plant construction progressing on track at the project site in Krishnapatnam in Andhra Pradesh's SPSR Nellore District, this coal agreement marks yet another significant milestone for Sembcorp's first Indian power plant project, a 1,320-megawatt coal-fired power plant," the statement said.
"With part of our coal supply successfully secured at a competitive price and construction of the plant and its boiler turbines and generators well underway, we are on track to complete the project on schedule and begin full commercial operations in 2014," Sembcorp Utilities chief executive officer Atul Nargund said.
Listed on Indonesian stock exchange, Bayan is the sixth largest producer and exporter of thermal coal in Indonesia. It owns the Balikpapan Coal Terminal, one of the largest coal terminals in East Kalimantan with a handling capacity of 15 million tonnes per annum.
This signing is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the current financial year, the statement said.
Source: Economic Times
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