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NOBLE Group is forming a new coal procurement joint venture with Japanese utility company Shikoku Electric Power.
The joint venture will be directly involved with coal producing companies in Australia and also have access to Noble's long term equity, marketing and supply agreements.
It will also actively manage inventories, which allows for risk management and volume flexibility depending on actual consumption requirements.
The partnership will enhance Noble's links with a sophisticated partner and bring dedicated supply chains and volumes. For Shikoku, it will enhance its response flexibility and help it to benefit from major and significant market changes, according to Noble.
"This constitutes our first ever fuel procurement joint venture with a Japanese partner and marks a significant milestone in the depth and standing of our franchise and presence in the Asia Pacific region," said the firm in a press release.