Adaro Energy Exports 300,000 Tons of Coal to Europe

PT Adaro Energy Indonesia Tbk (ADRO) is experiencing an increasing demand for coal from Europe following the EU's ban on Russian coal. Luckman Lie, Chief Financial Officer of Adaro Energy, said the company managed to ship 300,000 tons of coal to Europe, even though they were only for spot sales without any long-term agreement. "Nevertheless, our market is Asia. So, we will keep focusing on meeting the needs of our longtime customers," he said Monday.

Despite the surging demand from Europe, as confirmed by Luckman, Adaro Energy refuses to revise its work plan and budget (RKAB) and coal production target this year. The company expects the coal production in 2022 to reach 58-60 million tons, slightly higher than the 2021 eventual figure of 52.70 million tons. Garibaldi Thohir, President Director and Chief Executive Officer of Adaro Energy, projected that global coal demand would remain strong this year. Coal prices were high in the first quarter of 2022 due to the energy supply-chain disruption in European countries. "So, so far so good for the first quarter of this year," he said.