Coal Energy forms export subsidiary
KYIV. Sept 29 (Interfax) - Ukrainian coal producer Coal Energy S.A. registered a new subsidiary, Coal Energy Trading Limited, to export coal, the company said in a statement.
The subsidiary was registered on September 27.
Coal production soared 180% in the financial year ended June 30 to 1.629 million tonnes and is targeted to rise 80% to 2.9 million tonnes this financial year, the company has said.
The company, which brings together the assets of Viktor Vishnevetsky's NPO Mekhanik, raised 225 million zloty ($78.8 million) with an IPO on the Warsaw Stock Exchange in July.
Coal Energy runs 10 coal mines and recycling and processing plants. The company sells coal to heat and power, coking and cement plants and municipalities. It also exports to Bulgaria, Slovakia, Moldova and Turkey.
NPO Mekhanik is one of Ukraine's largest coal producers with companies in the Donetsk region, including mines and processing plants.