Tuesday, February 19, 2008

Peabody Energy Names Jie Li Vice President of Business Development for Its China Office (BTU)

I would not be surprised to wake up one day to find that China Investment Corp. had made a bid for BTU.
From the press release:

Peabody Energy today announced that it has named Jie "Jay" Li Vice President of Business Development -- China, reporting to Peabody China President Tayeb Tahir. He is responsible for expanding Peabody's business development activities in China, Mongolia and other neighboring countries.
...Peabody is continuing to expand its presence in China to fuel robust growth. The company opened its Beijing office in fall 2005, began trading activities in China in 2007 and continues to make progress on coal-related business development opportunities.

Peabody is also the only non-Chinese equity partner in GreenGen, China's centerpiece climate initiative. GreenGen is among a number of major voluntary carbon management projects that Peabody is advancing around the world, joined by the Coal21 program in Australia, FutureGen in the United States and the Asia-Pacific Partnership.

Peabody Energy is the world's largest private-sector coal company, with 2007 sales of 238 million tons of coal and $4.6 billion in revenues. Its coal products fuel approximately 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.