Bangkok--22 Jun--EXIM BANK
Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), reveals that EXIM Thailand recently signed a USD 10 million loan agreement with Mr. Phipat Phihakendr, Director of Energy Earth Public Company Limited (EARTH) and Mr. Thanawat Pratoomsuwan, EARTH Managing Director to finance EARTH's purchase of coal from a coal mine in Indonesia for re-sale in Thailand and abroad at EXIM Thailand's Head Office on June 22, 2016.
EXIM Thailand's President reveals that the loan agreement is derived from EXIM Thailand's vision on the company's management potential in purchasing and distributing Bituminous coal to both domestic and overseas markets. Since its inception in 2010, the company has seen a steady growth. Despite the current slowdown in coal industry, EARTH's sale in 2015 reached 10.34 million tons, accounting for 16,588.75 million baht in earnings. 26 % of EARTH's revenue comes from domestic sale to clients in cement and other industries such as paper, food, textile and electricity industries. The remainder 74% is from export, mainly to China, South Korea, Taiwan and India of which its demand for coal is surging for power plants and manufacturing factories.
"This loan represents another role of EXIM Thailand in support of raw material import for industrial sector distribution, infrastructural development, and re-export to the third countries to increase foreign exchange earnings while enhance economic growth and overall development in Thailand and the region," said Mr. Pisit.
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