Qatari former Emir Sheikh Khalifa bin Hamad Al Thani dies aged 84World October 23, 23:08
Russia’s health ministry plans to build vaccines plant in EcuadorBusiness & Economy October 23, 20:19
Cygnus cargo spacecraft docks to ISSScience & Space October 23, 19:44
Whereabouts of several residents of blast-destroyed house in Ryazan not yet establishedWorld October 23, 18:50
Zakharova: no cyberattack on Russian foreign ministry’s websiteRussian Politics & Diplomacy October 23, 18:29
Russian Minister of Energy: Russia, Saudi Arabia begin new stage of energy cooperationBusiness & Economy October 23, 17:32
Russia not ready to say whether it will cut oil production or freeze itBusiness & Economy October 23, 17:29
Experts probing into situation around cyberattack on Russian foreign ministry’s websiteRussian Politics & Diplomacy October 23, 17:05
Two bandits killed in special operation in Nizhny Novgorod - sourceWorld October 23, 15:15
LONDON, June 22, 2015 /PRNewswire/ -- A new international commodities marketing and trading enterprise, Javelin Global Commodities Holdings, LLP ("Javelin"), has been formed by three (3) groups which are recognized as among the leading coal marketing and trading, coal production and sales, and electric power generation entities in the world.
Logo - http://photos.prnewswire.com/prnh/20150407/196954LOGO
Logo - http://photos.prnewswire.com/prnh/20150622/224563LOGO
Logo - http://photos.prnewswire.com/prnh/20150622/224564LOGO
The new London based Company will be owned by veteran worldwide marketing and trading individuals, Murray Energy Corporation ("Murray Energy") of the United States, and E.ON Global Commodities SE ("E.ON") of Germany. While the primary focus of the new venture will be on coal and electric power, there will be expansion into other commodities.
Murray Energy is the largest privately owned coal company in the United States, and E.ON is one of the largest investor-owned electric power and gas companies in Europe.
Javelin has entered into a long term export marketing and domestic advisory agreement with Murray Energy and a long term hedging and credit line with E.ON.
Murray Energy, the leading U.S. longwall coal producer, has grown through its 2013 acquisition of the Consolidation Coal Company, producing over sixty-two (62) million tons of high quality, underground mined thermal coal in 2014. This year Murray Energy invested in Foresight Energy LP ("FELP") and entered an agreement for the management of FELP's operations, which produce about twenty-five (25) million tons of coal per year. Murray Energy's combined production is now at about eighty-seven (87) million tons of coal annually, primarily from the Illinois and Northern Appalachian Basins.
E.ON, already a leading commodities marketer, is active in electric power, natural gas, carbon, LNG, freight and coal trading. Mr. David Finch, Chief Commercial Officer for Coal, LNG and Freight, said: "We're delighted to have secured a stake in Javelin. It's the ideal marriage of assets and know-how, coupling our coal and freight hedging and optimization expertise with a leading coal producer and a hugely experienced team of coal marketers. This transaction represents a key step in our long-term strategic vision and a vehicle to continue to grow our presence in U.S. coal and electric power markets."
Mr. Peter Bradley, Chief Executive Officer of Javelin, noted: "We are pleased that our investors, Murray Energy and E.ON, have placed their trust in us to help them carry out their strategic visions. We could not be off to a better start with such key players in the coal and other commodities markets supporting us. The onset of shale gas production has changed the energy landscape in the U.S. and abroad, and we aim to provide services to clients to better manage their business in this dynamic environment."
Mr. Robert E. Murray, Chairman, President, and Chief Executive Officer of Murray Energy, said: "Murray Energy is extremely excited to have the opportunity to become a part of this new venture. We expect Javelin to have an immediate impact by developing new strategies for marketing and trading our coal in both the domestic and export markets."
Mr. Robert D. Moore, Executive Vice President, Chief Operating Officer and Chief Financial Officer of Murray Energy, and President and Chief Executive Officer of Foresight Energy, said: "We're no longer just competing with fellow coal producers. Today we're also in a head-to-head battle with low natural gas prices. Javelin will assist Murray Energy in offering new products to our customers to allow them to compete in the electric power marketplace, such as variable pricing and volume fuel options, and contracts that include physical power offtake, tolling, and power price hedging to lock-in margins."
CONTACT: For Javelin, Ms. Cara Bradley at firstname.lastname@example.org; For Murray Energy, Mr. Gary Broadbent at email@example.com or +1-740-338-3100; For E.ON, Dr. Adrian Schaffranietz at firstname.lastname@example.org