ABM Investama to Export 15 Mn Coal to Asia

VIVAnews - Reswara Minerga Utama, subsidiary of energy company PT ABM Investama Tbk (ABMM), sealed a coal deal of 15 million metric tons with AVRA Commodities Pte Ltd (Avra Commodities) for July 2012-July 2017.

"Amid the current condition, which is challenging, the new deal is part of our commitments in meeting the set target," said ABM Investama President Director, Andi Djajanegara, on Tuesday, July 17. 

Through the contract, Avra Commodities has the right to sell and market thermal coal labelled TIA Compliant Coal (TCC) that PT Tunas Inti Abadi (TIA), Reswara's subsidiary, produced. The products are expected to be shipped to Thailand, Phillipines, Taiwan, and some selected buyers from China. 

In addition to the long-term deal, ABM Investama expected further cut in expenses as well as integration in business process.   

"Moreover, the deal emphasizes promising prospect of coal as an energy source," he said. 

Up until Q2 2012, Reswara has secured coal by 3.5 million metric tons which equals 80 percent of the targeted coal sales of 5.5 million metric tons in 2012.