Peabody Energy, Shenhua Group Create JV To Supply Shenhua With Coal

(RTTNews) - Peabody Energy (BTU) and China's Shenhua Group announced they have entered into an agreement to create Sino-Pacific Coal Trading Corporation Pte. Ltd., a Singapore-based joint-venture company that will supply Shenhua's growing coal import demand with thermal coal from Peabody's global production and coal trading platform.

Peabody Energy President - Asia and Trading Christopher J. Hagedorn said the new 50/50 joint venture between the two companies represents a significant milestone in Peabody's Asia growth strategy.

The Shenhua Group is the largest coal company in China and the largest coal distributor in the world. It is a large-scale energy company, which takes coal as its foundation, covers electric power, railway, port, shipping, coal-to-liquids and coal-to-chemicals, and integrates production, transportation and sales.