EDF Trading sells coal and freight business to JERA Trading
Published by Harleigh Hobbs,
Editor
World Coal,
JERA Co. Inc., through its wholly-owned subsidiary, JERA Trading Singapore Pte Ltd, and EDF Trading Ltd, a wholly-owned subsidiary of EDF S.A., have announced the signing of binding agreements for the acquisition of EDF Trading’s coal and freight business by JERA Trading.
By early April 2017, JERA Trading expects to complete the acquisition of:
- An established coal and freight trading team.
- A portfolio of coal and freight transactions.
- 100% of the shares of Amstuw B.V. (that operates the Rietlanden coal terminal in the Netherlands).
- 100% of the shares of EDF Trading Australia Pty Ltd (that holds a 7.5% interest in the Narrabri coal mining joint venture in Australia).
EDF Trading will hold 33% of the shares in JERA Trading.
Following completion of the transaction, JERA Trading will become one of the largest coal traders globally, with a major presence in both the Atlantic and Pacific basins and total physical coal sales of approximately 60 million toy. Coal is an important part of the fuel mix in the global energy markets and the transaction considerably strengthens JERA’s competitive procurement and sales capabilities. JERA Trading is committed to ensuring continuity for its own and EDF Trading’s customers in the coal and freight markets, and anticipates being able to deliver a broader and more competitive product offering as a result of its increased scale.
JERA Trading will be managed from Singapore with an additional commercial hub in London that will run its Atlantic basin activities.
Ronan Lory, Chief Financial Officer of EDF Trading has been appointed Managing Director of JERA Trading. Bert van Druten, Head of Coal and Freight Trading at EDF Trading has been appointed Head of Trading of JERA Trading. Lory, van Druten and the trading team will transfer to JERA Trading from April 2017.
“We look forward, through JERA Trading, to building and strengthening relationships with both current and new counterparties”, said Yuji Kakimi, President of JERA.
“EDF Trading has a world class coal and freight business, which is now combined with JERA Trading to make it a global leader in this market. I’m excited to be part of this venture and look forward to developing an even closer relationship with JERA”, said John Rittenhouse, Chief Executive, EDF Trading.
Read the article online at: https://www.worldcoal.com/coal/21122016/edf-trading-sells-its-coal-and-freight-business-to-jera-trading/
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