Monday, 15 February 2010
RAK seeks lift on coal deal
A huge coal-mining venture in Indonesia partly owned by the Ras al Khaimah Government is looking to Indian firms to bolster the project by financing a key railway and buying nearly all of the coal output, a top project executive says.
The integrated coal mine, railway and port in a sparsely populated corner of East Kalimantan, an Indonesia province on the island of Borneo, has been reorientated towards India after initially being described as a strategic investment by RAK to secure fuel for a proposed coal-fired power station in the emirate.
MEC Holdings, a 50-50 joint-venture between Trimex of India and the Ras al Khaimah Investment Authority, hopes to sign coal export agreements with two Indian power firms by the end of next month, said Madhu Koneru, the executive vice chairman of MEC.
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