PHIL signed a business cooperation agreement with
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PHIL >> signed a business cooperation agreement with My Son Import Export and Investment Joint Stock Company ("My Son IEI"), a Hanoi-based company, to provide coal supplies from Indonesia to Vietnam.
PHI Group Cooperates With My Son Import Export JSC to Provide Indonesian Coal Supplies to Vietnam
2013-01-23 09:15 ET - News Release
JAKARTA, INDONESIA and HANOI, VIETNAM -- (Marketwire) -- 01/23/13
PHI Group, Inc., (OTCQB: PHIL), (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that it has signed a business cooperation agreement with My Son Import Export and Investment Joint Stock Company ("My Son IEI"), a Hanoi-based company, to provide coal supplies from Indonesia to Vietnam.
Established in 2005, My Son IEI is licensed to engage in a number of business activities, including the exploitation of iron ores and other industrial minerals and the import and export of energy resources, such as coal, oil products, and other energy-related commodities.
PHI Group has adopted a double-tracked energy strategy to capitalize on both the growing demand for conventional energy in Asia Pacific in the short term and the preferred solutions to energy problems using breakthrough renewable energy technologies in the long term.
The company has signed a definitive agreement to acquire 70% of PT Tambang Sekarsa Adadaya, an Indonesian company that owns a 9,690-hectare coal concession purportedly with 71,038,925 MT measured coal resources and 205,334,343 MT, indicated coal resources in West Sulawesi, Indonesia. The company is continuing to acquire other coal assets to build a growing sizable portfolio of energy resources.
PHI Group has also partnered with Indonesian coal mine owners and international necessity providers to offer thermal coal and industrial minerals to its buyers in Asia Pacific, both on spot as well as long term contracts.
Duong Anh Son, chairman of My Son IEI, said, "We are delighted to cooperate with PHI Group to help meet the increasing demand of coal as a main energy fuel in Vietnam. We expect to supply several hundred thousand metric tons of coal per month to thermal power plants and other factories."
About PHI Group
Focused on energy and natural resources, PHI Group accumulates coal assets in Indonesia, cooperates with international partners to develop power plants, and provides advanced renewable energy technologies in conjunction with select industry groups. Website: www.phigroupinc.com/.
Safe Harbor: This news release contains forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
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