Korea's KOSEP shortlists bidders in coal tenders

PERTH, June 25 Thu Jun 25, 2009 11:42am IST

PERTH, June 25 (Reuters) - Korea South-East Power Co (KOSEP) has shortlisted bidders with offers totalling up to 7 million tonnes of coal, above the 3 million tonnes of the fuel it had sought in recent tenders, trade sources participating in the tenders said on Thursday. Two trade sources said the utility had also requested that the shortlisted bidders lower their prices and submit revised offers by July 1.

KOSEP's tenders, which are for coal for delivery between 2009-2011, saw a deluge of bids from suppliers for a combined total of as much as 15 million tonnes of coal, with prices ranging between high-$60s to high-$70s per tonne.

Officials from KOSEP declined to comment.

Market sources said KOSEP was in no hurry to award the tenders, which are mostly for long-term supplies. They said the utility was also hoping to secure some tonnage cheaply following the recent drop in Asian coal prices.

One of the tenders was for up to 1 million tonnes of sub-bituminous coal for delivery for one year, starting from August 2009, while three others were for a total of 2 million tonnes of coal per year over three years. [ID:nJKB001217] (Reporting by Fayen Wong)

  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage