Friday, January 29, 2010

Thai state co acquiring Indonesian coal mines

The state-owned Electricity Generating Authority of Thailand is in advanced talks to acquire coal mining assets in Indonesia and will hold the stakes through subsidiaries. Thailand, which uses natural gas to generate about 70% of its power, is looking towards coal as it tries to cut its dependence on natural gas for power generation.

"We are in advanced talks with a few targets and hope to close the deal this year," EGAT's Viroj Sivavong, chief of fuel development and planning,told Reuters. "We were also looking at Australia but those assets were too expensive." EGAT is looking at mining assets with about 100 Mt of reserves, he added.

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