Mercator Lines, through its subsidiary in Singapore, has completed acquisition of 50% stake in a coal mining concession situated in East Kalimanthan, Indonesia. The mines has reserves of 60 million tonnes (mt) and the company has acquired the stake for about $30 million (Rs 145 crore).
Recently, the company’s Singapore subsidiary had successfully commissioned the Floating Production Unit (FPU) project with the production of oil from the EBOK field. The company had signed a 7 year contract to charter out Floating Production Unit to Afren PLC, UK at their EBOK field in Nigeria.
Mercator Lines is India’s second largest private sector shipping company. It is engaged in providing sea-borne transportation services. The company has diversified its business into coal mining.
