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By Euan Paulo C. Añonuevo, Reporter
PHILIPPINE National Oil Co.-Exploration Corp. (PNOC-EC)
is looking to ink a deal with an Indonesian company for a coal
mining project.
PNOC-EC is interested in developing the Ampal
coal concession in east and central Kalimantan, Indonesia.
Company officials said it is setting its sights
on Indonesia’s coal mines to ensure a stable and competitive
supply of coal for the Philippine market.
Indonesia is one of the world’s biggest coal
suppliers. It has the fourth largest coal reserves in the Asia
Pacific, next to Australia, India and China.
The country relies on coal for less than half of
its power supply. But tightness in supply of the commodity in the
world market has jacked up prices by roughly a third, peaking to
$130 per metric ton so far this year.
PNOC-EC earlier said that it targets to fast
track its acquisition of Indonesian coal mines to further improve
its coal sales, which rose by 52 percent to about P1.2 billion last
year.
The company conducted due diligence activities
in Indonesia last March and completed preliminary evaluations of
several prospective coal mine concessions.
These include the coal mines of PT Berkat Banau
Inti, PT Senajaya Energimas Mulia, PT Antang Gunung Meratus, PT
Bangun Banau Persada and PT Satui Bara Tama.
PNOC-EC is the upstream oil and gas subsidiary
of state-owned PNOC, which owns a 99.78 percent stake in the
company.
The company also has coal operations, serving
the requirements of cement manufacturing and power production
industries from its own local mines and other sources.
The remaining shares of PNOC-EC are held by
public shareholders.
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