PTT poised to sell mining business in Indonesia

National oil and gas conglomerate PTT Plc expects to sell its coal mining business in Indonesia within the first half of this year as the company plans to focus more on clean energy and mobility.

It is the right time for the sale as global coal prices have risen since the end of last year, said Auttapol Rerkpibun, chief executive and president of PTT.

The Newcastle coal reference price rose by 54% to US$83 per tonne at the end of 2021, up from $53.8 per tonne at the end of 2020, thanks to the recovery of the global economy as the pandemic eased.

Coal prices, which have risen to $264 per tonne, are also being affected by the impact of the Russia-Ukraine war, which is also blamed for the global oil price surge.

The company previously planned to list the coal business, which is operated by its subsidiary Sakari Resources Co (SAR), on the Indonesia Stock Exchange, and…