Peabody Energy Corp. (BTU) has recently opened an office in Jakarta, Indonesia, to expand business development and coal sourcing opportunities in India, China and other fast-growing Asian markets.
Indonesia is the world’s largest source of export thermal coal and the Pacific markets are driving global demand for coal. The company expects these markets to achieve 5% to 10% compound annual growth over the next five or more years. For instance, India is world’s fastest-growing coal importer and is expected to be short by about 200 million tons of coal in the next five years. Also, China – the world’s largest coal consumer – has been importing coal at a record pace in 2009.
Peabody’s Jakarta office will be run by Reynard Hanoppo, a former sales manager for coal producer PT Kideco Jaya Agung. Hanoppo will report to Phillip Smith, the managing director of Asian trading.
Peabody is the world’s largest private-sector coal company. The company’s coal fuels 10% of all U.S. and 2% of worldwide electricity generation. It serves nearly 330 customers in 21 nations on six continents and has trading and business offices in China, Australia, the United Kingdom, Venezuela, Singapore, Indonesia and the United States.
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