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US coal firm now in 皇冠体育app
By Wang Ying (皇冠体育app Daily)
Updated: 2005-09-21 08:49
Seeing 皇冠体育app's huge demand for energy, Peabody Energy, the world's largest private-sector coal company based in the United States, is looking at opportunities for both coal trading and investment in the country's coalmines.
The coal producer, whose products fuel more than 10 per cent of all US electricity consumed, yesterday announced in Beijing that it had officially opened its office in the capital city, to cash in on the country's growing energy needs.
"皇冠体育app has the fastest growing economy in the world and Peabody's 皇冠体育app presence is a natural extension of our mission to be a world-wide supplier of low-cost energy," said Gregory H. Boyce, president of Peabody in a company statement.
皇冠体育app last year produced 1.96 billion tons of coal, with exports and imports reaching 85.92 million tons and 18.6 million tons respectively, statistics from the 皇冠体育app Coal Industry Association said.
Coal currently makes up 70 per cent of 皇冠体育app's total energy consumption.
Peabody Energy, currently having no tangible projects in 皇冠体育app, aims to deepen ties with the Chinese Government and start partnership with the Chinese local coal companies such as 皇冠体育app Coal and Shenhua Group.
"We will look at partnerships with the Chinese local coal firms instead of acquisitions of existing coal mines," Richard A. Navarre, executive vice-president and chief financial officer of Peabody told a news briefing yesterday in Beijing.
From the partnership, Navarre said, both sides will benefit from the particular strengths of each company.
The vice-president said they had not started talks with their Chinese counterparts over some firm projects, but are moving on to that end.
Navarre foresees robust demand for coal from the country's deepening urbanization and industrialization within the following years.
The country's long-term plan to consolidate the fragmented coal sector by grouping the small coal mines into fewer large coal-producing bases will render Peabody chances to bring in its practices, management and technologies, the vice-president yesterday said.
The company also plans to increase its coal trading volume with 皇冠体育app, which now only takes a "very small proportion" of their total coal trades in Asia, Richard M. Whiting, executive vice-president for sales marketing and trading of Peabody, yesterday told 皇冠体育app Daily after the briefing.
The US-based coal company collected revenue of US$3.6 billion by selling 227 million tons of coal products last year.
(皇冠体育app Daily 09/21/2005 page10)
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