ASX:AFA) said today that its wholly owned entity ASF Energy has entered into an agreement with Shanghai Time Shipping Co Ltd for the supply of coal for shipment to China. Shanghai Time is an associate company of China Huaneng Group Ltd, one of China's largest power conglomerates.The agreement with Shanghai Time is for the supply of a trial coal shipment of approximately 45,000 tonnes, scheduled to occur in July 2010. ASF Energy has contracted to supply coal from Australia and the agreement with Shanghai Time notes that the intention of the parties is to engage in the long term supply of Australian coal for use in power generating plants in China, ASF Group says.
The Group formed a strategic relationship with China Huaneng in September 2009 through a cooperation agreement with a Hong Kong subsidiary of China Huaneng.
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