(EnergyAsia, March 18 2011, Friday) — globalCOAL, a UK-based international online coal trading platform, said it has signed up four new members in Asia.
They are China’s Guangdong Power Industry Fuel Co Ltd, Korea Western Power Co Ltd and SK Networks Co Ltd of South Korea, Singapore-based Klandee Resources Pte Ltd.
Guangzhou-based Guangdong Power Industry Fuel Co Ltd is a subsidiary of Guangdong Yudean Group Co Ltd which is jointly owned by the Guangdong provincial government and the China Huaneng Group Co Ltd. Guangdong Yudean Group has approximately 20,000MW of installed capacity across coal-fired, natural gas, hydroelectric, nuclear and wind power generation assets.
State‐owned Korea Western Power (KOWEPO) is one of South Korea’s major electricity generators while Seoul-based SK Networks is a leading energy and commodities trading company with investments in natural resources including coal and iron ore.
Singapore‐based trader Klandee Resources is active in the coal and petrochemicals sectors both in the Pacific and Atlantic markets.
Patrick Markey, COO of globalCOAL, said:
“We are delighted to welcome these new members to globalCOAL. Their participation in globalCOAL is the result of a continued effort to expand our Asian client base, so we can offer an ever‐increasing range of trading partners to the globalCOAL community.
“Guangdong Power Industry Fuel is the first Chinese power group to join the globalCOAL trading community. Considering the critical role China plays in the supply-demand balance of the international coal market, it is encouraging to see industry participants’ ever-growing interest in trading and information tools such as globalCOAL’s trading platform.”
Founded by leading members of the world coal industry to promote screen trading of standardised products, globalCOAL is a leading electronic marketplace for thermal coal, with a range of standardised quality specifications, a standard coal trading agreement (SCoTA), and a robust methodology for price index calculation.
Headquartered in London, globalCOAL also cooperates with leading energy exchange ICE Futures Europe to develop the coal Futures market.