Coal export major plans to own mines to meet demand

Mangalore, Aug 12 (UNI) The Dubai-based Coal and Oil (C and O) group, a leading exporter of coal, has ambitious plans to own mines to make sure that there was an assured supply of the product to its customers across the world, including India, its President and CEO A R Buhari informed today.

Addressing a press conference on the occasion of the company-owned ship ''M V Coastal Pride'' arriving with a consignment of 62,000 MT of coal from Indonesia to the port on its maiden voyage, he said the process of acquiring coal mines in Indonesia was in exploration stage. Things were expected to materialise in the next one year, he added.

He said coal and power had become bullish commodities in the world, especially in India.

Mr Buhari said keeping in mind expansion of its coal export activities, the company had decided to own more ships like Coastal Pride exclusively for export of coal.

He said the company had achieved a coal export turnover of slightly below six million tonnes last year and it had targeted to increase it to over six million tonnes during the current year.

Mr Buhari said with the opening of Mangalore-Hassan railway line and establishment of multi-purpose deep draft berth at the New Mangalore Port here, the group had planned to expand its activites through the port in future.

He said in the last two months, the company had brought three coal consignments of 1500 MT to the port. Earlier, coal for industries in North Karnataka used to be imported to Goa and Chennai ports from where they used to be transported by an inland distribution network to the respective destinations. However, the railway link and deep draft berth facility had made viable import of coal through the port here.

''Direct delivery of coal and oil will translate into significant savings in fuel costs and really benefit industries in Mangalore,'' he added.

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