PTT sells coal business to Indonesia's Astrindo for $471m

PTT sells coal business to Indonesia's Astrindo for $471m

The Sebuku coal mine operated by PTT Mining in Indonesia. (Photo: PTT)
The Sebuku coal mine operated by PTT Mining in Indonesia. (Photo: PTT)

State-owned energy firm PTT Plc said on Tuesday it had agreed to sell its coal unit to Indonesia's PT Astrindo Nusantara Infrastruktur Tbk for $471 million, as the company moves out of the coal business entirely.

The sale was aligned with PTT's strategy to move towards sustainability and clean energy, chief executive Auttapol Rerkpiboon said.

The announcement came as global coal demand is set to match a record high reached nearly a decade ago.

Astrindo said the deal, which includes coal concessions in Brunei Darussalam, Madagascar and three mines in Kalimantan, Indonesia, will have a "substantial" impact for the company.

"Our financial performance in 2022 will show a significant jump given the current price of coal," Astrindo Director Michael Wong said.

Do you like the content of this article?
COMMENT (3)
TRENDING

Air force kicks off joint air force drills with China

Thailand and China kicked off a joint air force exercise on Sunday, the kingdom's military said, the first such drills in years following a pause forced by Covid-19.

18:13

Nitithorn shrugs off pressure to win International Series Singapore

Thailand's Nitithorn Thippong seized the initiative as his rivals faltered on Sunday, closing with a flawless three-under-par 69 to win the International Series Singapore.

17:58

Tourists in Chinese beachside resort city protest Covid lockdown

Tourists in the Chinese seaside resort of Sanya on Hainan Island are protesting after being stranded for over a week due to Covid-19 lockdowns.

17:42