STX Pan Ocean to build bulkers for Coastal Energen’s 1200 MW, Mutiara Thermal Power Plant, Tuticorin, Tamil Nadu
Coal and Oil has entered into a long term Shipping Agreement with STX Pan Ocean to carry coal for Coastal Energen, the power generating Flagship Company of Coal & Oil Group. The contract will commence from 2012 and STX Pan Ocean is in the process of placing orders for building new ships for 3 to 4 Geared kamsarmax bulkers (82000 DWT) to service the business. The total value of the ships is estimated to be around 140-150 million US dollars.
The Contract was signed recently at the plant site in Tuticorin, India, in the presence of Mr. Ahmed Buhari, Founder, President and CEO of Coal and Oil group and Mr Kab-Sun JUNG, Executive Vice President, Ship Investment and Management division of STX Pan Ocean and other senior officials from both the companies.
Speaking about the agreement Mr. Ahmed Buhari, Founder, President and CEO of Coal and Oil group said, ‘This is one of the largest contract done by STX and our relationship starts way back in 2003, when we purchased our first geared panamax M.V. Coastal Pride. ”.
Coastal Energen Private Limited which is the Power Generating Flagship Company of the Coal and Oil Group is setting up a 1200 MW coal fired thermal power plant in the district of Tuticorin in Tamil Nadu. The group’s maiden power project is a logical extension of its multi disciplinary capabilities including Coal Trading – Mining – Logistics & Shipping.
About Coal & Oil Group:
C&O, is a Rs. 2200 cr ‘Integrated Energy Company’, Promoted by Mr. Ahmed Buhari and his family (the co-promoters of the US$ 5.0 billion ETA - Ascon and Buharia Group). It was established in 1998 with a vision to emerge as ‘Integrated Energy Company’.
The C&O group is currently one of the largest suppliers of steam coal into India having imported close to 6 Million tonnes last year. It supplies coal both on CIF as well as on delivered basis through its group company Coastal Energy, satisfying the specific requirements of power, cement, steel, chemical, paper and other industries. With a vision to be a key player in all links of the Energy chain from ‘Mine Mouth to Microwave’, the C&O group has now entered into power generation through its vehicle ‘Coastal Energen’.
C&O business partners include some of the largest companies in India and abroad Viz. Anglo, Kideco, TOTAL, BHP, Morgan Stanley, Shenhua, China Coal, Bukit Asam, Merill Lynch, SBI, IOB, Corporation Bank, HSBC, BNP Paribas, Socgen, Standard Chartered, TATAs, Reliance, Calcutta Electric, Gujarat Ambuja, Madras Cements,TNPL, etc. The company has signed long term Fuel Supply MOU’s for over 5000 MW of upcoming power capacity in India.
Going forward C&O group is optimistic of Energizing India by addressing the 100 million tons coal shortage, expanding in Mining, Shipping, Power Generation, Clean & Renewable Energy etc.
About STX Pan Ocean:
STX Pan Ocean is one of the most reputed Korean shipping company that is engaged in various fields related to the marine transportation business. The Group's principal activities are carried out through the operation of various segments; Bulk Carrier Service segment which includes marine transportation service employing diverse sizes of dry bulk vessels; Container Service segment, Tanker Service division , Liquefied Natural Gas carrier service (LNG) and Pure Car and Truck Carrier service. STX Pan Ocean holds a dominant position in the Dry bulk market and takes full advantage of its vertical affiliation with STX ship building, STX engine & other STX subsidiaries. STX is one of the 5 major shipping companies of the world.
For further details, please visit, www.coastalenergen.com, www.coalandoil.com
