Coal and Oil has entered into a long term Shipping agreement with STX Pan Ocean to carry coal for Coastal Energen,the power generating Flagship Company of Coal & Oil Group. The contract will commence from 2012 and STX Pan Ocean is in the process of placing New Building ship orders for 3 to 4 Geared kamsarmax bulkers (82000 DWT) to service the business. The total value of the ships is estimated to be around 140-150 million US dollars. The Contract was signed at the plant site in Tuticorin,India on the 3th of May 2010,in the presence of Ahmed Buhari,Founder,President and CEO of Coal and Oil group and Mr Kab-Sun JUNG,Executive Vice President,Ship Investment and Management division of STX Pan Ocean and other senior officials from both the companies Coastal Energen Private Limited which is the Power Generating Flagship Company of the Coal and Oil Group is setting up a 1200 MW coal fired thermal power plant in the district of Tuticorin in Tamil Nadu. The groups maiden power project is a logical extension of its multi disciplinary capabilities including Coal Trading Mining Logistics & Shipping. STX Pan Ocean is one of the most reputed Korean shipping companies that is engaged in various fields related to the marine transportation business.
