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Drilling & production - 13 January 2011

US coal miners racing to supply Asian demand

Coal miners across North America are fighting for purchase at export terminals along the continent’s West Coast. Ports and terminals are experiencing a backlog as North American suppliers try to reach the hungry Asian coal market.

 

Arch Coal acquires equity interest in west coast terminal

Arch Coal, Inc. today announced that it has acquired a 38% interest in Millennium Bulk Terminals-Longview, the owner of a bulk commodity terminal in exchange for US$ 25 million plus additional consideration upon the completion of certain project milestones.

 

Duke Energy and Progress Energy to merge

Duke Energy and Progress Energy, Inc. announced today that both companies’ boards of directors have unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction. The combined company, to be called Duke Energy, will be the country’s largest utility.