Calendar of Events
|Booth Energy, River Coal Land Indian Export Agreement|
|Thursday, 16 August 2012 14:32|
India’s Abhijeet Group signed a 25-year agreement with Kentucky-based Booth Energy Group and River Trading Co. to import 9 million tons per year in a deal valued at $7 billion, according to The Associated Press. The agreement is good news for both groups. U.S. coal miners have been struggling with soft market conditions and regulatory attacks and more than 620 million people suffered through a two-day blackout in India due to a strained coal-fired power grid. India is a major coal producer, but it can’t keep pace with demand.
Abhijeet Group Executive Director Anand Kumar sees the agreement as a way of providing India with a reliable supply high-quality coal. “The import of coal will help us meet India’s increasing demand for energy and steel,” Kumar said. “This partnership is an example of the strong potential between American producers and Indian customers.” Kumar said he sees potential for “significant growth” in Appalachian coal exports to India.
Booth Energy President Jim Booth said his company has the capacity to supply about 2 million tons of coal annually to India. Others coal producers in Kentucky and West Virginia will supply the remaining 7 million tons.