Oleg Misevra, Chairman of the Board of Directors of EMCO and Jungsuk Koh, President and CEO of Samsung C&T, held an official meeting in Moscow. The parties discussed the successful experience of cooperation, as well as outlined further plans for the organization of supplies of Sakhalin coal.
Igor Lastochkin, Vice-President of EMCO for export, Seongmin Park, President of Samsung C&T EMEA (Regional HQ for Europe, Middle East, and Africa) and Bongsuk Yoo, Head of Energy and Metal Division also participated in this event.
Samsung is one of the largest buyers of coal from the Solntsevo Coal Mine. In 2018, the company purchased 2 million tons of coal for consumers in the APR countries. This year, according to the reached agreements, EMCO will ship to Samsung twice more – 4 million tons of coal. In the inter-navigation period, the foreign company made pre-export financing of new deliveries. After the navigation is opened, the large-tonnage vessels attracted by Samsung were the first to enter the port of Shakhtersk for coal loading.
During the meeting, Oleg Misevra informed the partners about the results of the implementation by EMCO of projects for the development of its production and logistics capacities, as well as the resulting advantages and opportunities for buyers of coal from the Solntsevo Coal Mine. Thanks to the establishment of a joint venture with Rocktree Logistics Pte (Singapore), the participation of foreign capital in the development of the offshore transshipment of coal in the port of Shakhtersk; from this year EMCO is able to load bulk carriers of almost any type. In addition, the construction of a state border crossing point at the port significantly reduced the time of customs and border inspection of foreign ships and reduced the cost of production.
In return, the president of Samsung C&T expressed satisfaction as regards to the cooperation with East Mining Company, as well as hope for the further development of bilateral relations. The parties agreed to expand cooperation not only in the field of coal supplies but also to the joint development of projects for the production of rare earth metals, the supply of equipment and tires. Participants of the meeting also discussed the possibilities and perspectives of establishing the joint ventures and expressed their readiness to consider the instruments for closer cooperation to further promote the Solntsevo Coal Mine in the South Korean market, and in particular – for the large Korean power plants.
EMCO is a vertically integrated company that controls the entire chain from production to shipment of products. Its key production assets are located in the Uglegorsk district (Sakhalin region) – the Solntsevo Coal Mine, as well as the Coal Seaport of Shakhtersk, which is subject to the Free Port of Vladivostok mode.
In 2018, the company produced and exported 7.5 million tons of coal. EMCO is included in the list of 20 largest coal producers in Russia, as well as in the top ten exporters of Russian coal. This year the company plans to produce and ship 10 million tons of coal.