India’s Tata Group has signed a memorandum of understanding (MoU) with Siberian Coal Energy Co (SUEK) to develop energy sector opportunities in Russia and elsewhere.
SUEK is an exclusive exporting arm of the Open Joint Stock Company and the largest Russian coal producer, and delivers coal to over 30 countries.
“As part of the agreement, both – Tata Power and SUEK – will cooperate on identifying and targeting opportunities in the energy sector in Russia and other geographies of common interest to develop mutually beneficial transactions”, a company statement has revealed.
A Tata Power spokesperson additionally said: “SUEK is known to be reliable and a world class player in the mining business and Tata Power looks forward to working with them on identifying opportunities across the energy chain.
“The signing of the MoU is a major milestone for Tata Power and we endeavour to be a significant player in the international energy market”.
According to an article in The Australian, the agreement could set the stage for increased Russian coal sales in the Asia Pacific region.
Written by Emma McAleavey.