Coal and Oil company to buy six cargo ships

Chennai, Mar 17 (UNI) Coal and Oil Company LLC (C&O), a leading supplier of imported coal in the country, has planned to buy six big cargo ships at a cost of US Dollar 120 million to double its importing business.

"Currently, we import about six million tonnes of coal from across the globe, and with the purchase of cargo carriers it is expected to touch 15 million tonnes by next year", C&O president and CEO Ahmed A R Buhari told newspersons here today.

"C&O group would also specialise in managing the entire supply chain from the mine mouth to the end user plant for a variety of coal consumers in India", he said adding the company would also increase its stock-and-sell operation in major ports of India.

Mr Buhari said today, the organisation has more than a 200 strong workforce spread across the world and with the proposed business enhancement, the turnover would exceed US Dollars 800 million within a couple of years.

"In terms of business share, C&O would also increase imports from the existing 30 per cent of India's total coal imports", he said, adding "the company would also increase its market share of the global coal trade of 500 million tonnes from the existing 1.5 per cent".

"C&O would also increase its outsourced fuel management services in India with its combination of risk management expertise which includes sourcing, shipping, port and inland logistics, technical consultancy and customer focus ranks among the best in the globe", he claimed.

UNI