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

Source: Bangkok Post August 02, 2022 10:27 UTC