Thursday, September 19 2019

VietNamNews

Vinacomin considers importing coal from the US

Update: August, 16/2019 - 15:56

 

Transport of coal at the Cẩm Phả Port and Logistics Company, a member of Vinacomin. The group plans to import coal from the US to meet increased domestic demand. —00 Photo camphaport.com.vn 

HÀ NỘI — The Việt Nam National Coal and Mineral Industries Group (Vinacomin) and the US-based Xcoal Group said the prospects for importing US coal were positive, the Đầu Tư (Investment) newspaper has reported.

In the short term, Xcoal will focus on promoting suitable US coal imports to Việt Nam, according to reports about a recent meeting between the two groups.

Vinacomin is the leading coal producer and supplier in Việt Nam and is one of three key groups to ensure national energy security. Its coal output is over 40 million tonnes per year.

As the demand for coal for electricity production in Việt Nam has increased strongly, Vinacomin has been importing coal from other markets to blend with domestic coal, supplying thermal electric plants.

Xcoal is involved in coal mine development, financing, and related infrastructure projects, and is actively pursuing investment opportunities in the global coal supply chain. It is headquartered in the US state of Pennsylvania and has branches in 20 countries.

Xcoal is a coal supplier for many countries, including, India, Japan, China, South Korea, Europe and the Americas.

In the first seven months of the year, Vinacomin produced 24.5 million tonnes of coal, up 1.5 million tonnes over the same period last year.

Coal consumption in the first seven months reached 26.6 million tonnes, including 21.4 million tonnes for electricity production, up by 18 per cent year on year.

Vinacomin's total revenue during the first seven month reached about VNĐ80 trillion (US$3.4 billion), an increase of 6.3 per cent year on year, including VNĐ45.6 trillion from coal, up by 16 per cent.

In the first half of this year, the Vinacomin Coal Import Export Joint Stock Company (Coalimex), which is in charge of importing coal for Vinacomin, imported about 1.23 million tonnes of coal with total value of $84.1 million.

However, Coalimex has also faced many difficulties, including poor infrastructure and logistics for coal import activities, while demand for imported coal has increased as well as diversification of types of international transport ships.

In the first six months, Việt Nam imported 20.3 million tonnes of coal with total value of $2 billion.  VNS

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