OPG Power Ventures plc
("OPG" or the "Company")
Imported coal secured under a term contract until 30th June 2014
The Company is pleased to announce that it has extended its arrangement with its current principal Indonesian coal supplier until to 30 June 2014. The US dollar denominated free on board ("FOB") price agreed is below spot prices of our current purchases and approximately 5 per cent. higher than the Company's current contract . Based on current freight and duty costs, the expected increase in the cost of delivered coal to the plant is is expected to be around 4 per cent.
The quantum of coal represented under the agreement accounts for approximately 40 per cent. of the Company's expected purchases of imported coal during the period to 30 June 2014. Speaking of the continuing relationship Arvind Gupta commented: "We are very pleased to continue in partnership with one of Indonesia's most prominent producers of thermal coal. Given our increased scale today, developing and cultivating such relationships will be essential to the long term success of our business."
About OPG
OPG is operating and developing power projects in India under the group captive model with 270 MW in operations and a further 472 MW under development. In the year ended 31st March 2013, Group revenues were £56m and profit before tax was £10.5m.
For further information, please visit www.opgpower.com or contact:
OPG Power Ventures PLC |
+91 (0) 44 429 11 211 |
Arvind Gupta |
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V Narayan Swami |
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Cenkos Securities (Nominated Adviser & Broker) |
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Stephen Keys / Camilla Hume |
+44 (0) 20 7397 8900 |
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Tavistock Communications |
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Simon Hudson/Kelsey Traynor |
+44 (0) 20 7920 3150 |
