Thai PTT sells coal business to Indonesia’s Astrindo for $471 million

Thai state-owned energy firm PTT Pcl had agreed to sell its coal unit to Indonesia’s PT Astrindo Nusantara Infrastruktur Tbk for $471 million, as the company moves out of the coal business entirely.

The deal, which includes coal concessions in Brunei Darussalam, Madagascar and three mines in Kalimantan, Indonesia, will have a substantial impact for the company. The sale was aligned with PTT’s strategy to move towards sustainability and clean energy. The announcement came as global coal demand is set to match a record high reached nearly a decade ago.