Shanxi Coal International Energy Group Co Ltd principally engaged in coal mining and trading, announced that it has set up a trading company in Singapore to enhance its presence in the Asia-Pacific coal market.

The newly established Shanxi Coal International Trading Corporation (Singapore) Ltd with registered capital of USD 300 million, would help the Shanghai listed coal producer to conduct coal import and transit and non coal commodities trading businesses, and create favorable conditions for low-cost overseas financing.

Earlier, the group expected its net profit to grow 49.06% year on year to CNY 1.13 billion in 2011, mainly due to contributions from newly operated Pulongwan coal mine and another Shanxi-based coal mine.

(Sourced from en.sxcoal.com)