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S.Korea KOMIPO buys Russian coal via term tender
December 3, 2012 / 9:16 AM / in 5 years

S.Korea KOMIPO buys Russian coal via term tender

SEOUL, Dec 3 (Reuters) - South Korea’s Korea Midland Power (KOMIPO) has bought Russian coal from Glencore for arrivals in the next three years, taking a larger volume in the first year, a utility source said, as it seeks high calorific coal to avert power blackouts.

Asia’s fourth-largest economy faces unprecedented power shortages in the absence of nuclear power this winter, and the government has urged utilities to burn more high calorific coal to avoid blackouts.

Via a term tender that closed on Nov. 28, KOMIPO bought 410,000 tonnes of bituminous coal for arrivals between December 2012 and November 2013, and 280,000 tonnes per year for arrival between December 2013 and November 2015, the source said.

The utility bought the coal of minimum 5,700 kcal/kg at $89 per tonne on a free-on-board (FOB) basis for the Boryeong power plant, he added.

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