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Thursday, 04 February 10
PTT EYES OVERSEAS COAL
 Revenue could reachUS$600 million a year
PTT Plc, Thailand's largest energy company, aims to raise the annual revenue from its overseas coal business to US$500-600 million by 2014.
Prospects for local business growth have dimmed due to environmental concerns, said Chitrapongse Kwangsukstith, acting president of PTT International.
The group has explored business opportunities in Madagascar and Brunei in addition to existing coal operations in Indonesia, he said.
The company has secured syndicated loans worth $380 million with Siam Commercial Bank, Krung Thai Bank, Bangkok Bank and Standard Chartered Bank to expand coal production in Indonesia.
Part of the loan will be used to refinance current debt to extend maturities to more than 10 years and reduce interest costs, he said.
"We are going to expand production in Indonesia to 11-12 million tonnes this year, up from last year's 9 million, and ramp up to 20 million tonnes in the next five years," he said.
Indonesian coal will be exported to Japan, Hong Kong and China, he said.
| "We are going to expand production in Indonesia to 11-12 million tons this year and ramp up to 20 million tons in the next five years" - Chitrapongse Kwangsukstith |
Investment in Indonesia will be made through Straits Asia Resources (SAR), of which the Singapore-listed parent is majority-owned by PTT Asia Pacific (PTTAPM). More than 60% controlled by PTT, PTTAPM has been granted a licence and is in the early exploration process for coal mines in Brunei and Madagascar.
"Currently, coal ventures generate a few million dollars of revenue a year. We are targeting net revenue for PTT of about $500-600 million annually, making coal one of PTT's core businesses, probably in the next five years," Mr Chitrapongse said.
"It is a shame that we cannot expand in Thailand because of the unresolved [Map Ta Phut legal] issue, so we are going to seek more business opportunities abroad."
PTT has 18 projects worth 93.5 billion baht, including its 28-billion-baht sixth gas-separation plant, among 64 projects in Map Ta Phut ordered by a court to suspend operations.
Analysts say that the coal business can generate better income for PTT than oil, given higher world reserves and rising demand. Globally, coal trade volume is expected to grow 3.2% this year, compared with a 1.2% increase in 2009, according to UOB Kay Hian.
Prices of thermal coal have also soared from an average of $72 per tonne last year to $99 at present, due to cold weather, it said.
The brokerage estimated that PTT's net profit in the final quarter of 2009 would be lower than in the third quarter, due mainly to lower earnings of PTT Exploration and Production. Refinery subsidiaries, such as Thai Oil Plc and PTT Aromatics and Refining Plc, are also expected to report weaker results from lower margins.
Shares of PTT closed yesterday on the SET at 225 baht, up six baht, in trade worth 1.29 billion baht.
Source: Bangkok Post
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Thursday, 04 February 10
INDIA`S APPETITE FOR COAL EXPECTED TO RISE SHARPLY
Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian econom ...
Thursday, 04 February 10
COAL PRODUCTION EXPECTED TO REACH 280 MILLION METRIC TONS - INDONESIA UPDATE
Indonesia`s coal production target for 2010 has been set at 275 million to 280 million metric tons, according to the Association of Indonesian Coal ...
Thursday, 04 February 10
MASSEY CEO 'NOT EXCITED' ABOUT PROSPECT OF QUARTERLY COAL PRICING
US coal producer Massey Energy is not in favour of switching to a quarterly pricing schedule for metallurgical coal, from the current annual price b ...
Thursday, 04 February 10
BUKIT ASAM GOES SHOPPING FOR MORE COAL MINES
State-owned coal miner PT Tambang Batubara Bukit Asam has set aside Rp 1.5 trillion ($162 million) to acquire two coal mines in East Kalimantan, pre ...
Thursday, 04 February 10
RI TO GRADUALLY STOP COAL EXPORTS
Indonesia, which over the past few years has become the world`s third largest coal exporter after Australia and China, is planning to gradually stop ...
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