PHI Group

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PHI GROUP, INC. is a Nevada-based corporation that "primarily focuses on energy and natural resources" and has "begun a long-term program to acquire coal assets in Indonesia and to partner with key international operators of coal-fired power plants as well as other major industrial users of coal."[1]

PHI Energy Corporation was founded in 2005 as Providential Oil & Gas, Inc., and has been engaged in oil and gas joint ventures with various U.S. companies in Texas and California, and is a majority owned subsidiary of AXN Group, a global investor in oil & gas, forestry/timber, and mining. [2] PHI Group holds a minority interest in PHI Energy Corporation.[3]

History

The company was originally organized in June 1982 as JR Consulting Inc. to engage in management consulting and merger and acquisitions activities. In January 2000, the company merged with the California-based investment banking and brokerage firm Providential Securities, Inc., and changed its name to Providential Holdings, Inc. In April 2009, the corporate name was changed to PHI GROUP, INC.[4]

Coal Reserves

Indonesia

East Kalimantan

On February 2, 2012, energy company PHI Group announced it had signed a Letter of Intent with Indonesian company PT. MSP to acquire approximately 100 million metric tonnes of coal resources, together with the operation and production license, located in an area of 9,900 hectares in East Kalimantan, Indonesia. According to the signed Letter of Intent, PT. MSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction by March 2012.[5]

Rokan Hulu

According to a Letter of Intent, PHI Group will acquire an estimated mineable coal reserve of 10,000,000 metric tons located in an area of approximately 2,670 hectares in Rokan Hulu, Riau Province, Indonesia from PT Bindakar. Both parties expect to enter into a definitive agreement to fix the price, terms and conditions of the transaction by December 2011.[6]

West Sumatra and South Kalimantan

In April 2011, PHI Energy - a minority owned subsidiary of PHI Group - said it had signed an asset purchase agreement to acquire coal mine assets from PT Dian Anugrah Pratama (DAP), an Indonesian corporation with headquarters in Jakarta. PHI Energy Corporation will acquire an estimated mineable coal reserve of 10,000,000 metric tons located in an area of approximately 423 hectares, at Kecamatan Kapur IX, Kabupaten Lima Puluh Kota, Propinsi Sumatera Barat, Indonesia, from DAP.[7]

On May 31, 2011, PHI Energy announced it had closed the coal asset purchase agreement with PT DAP. PHI Energy issued promissory notes for US $3,000,000 and 47 million shares of common stock of the company, valued at $1.00 per share, in exchange for total estimated mineable coal reserves of 33,000,000 metric tons located in West Sumatra, Kampar and South Kalimantan, Indonesia.[8]

PHI Group decided to enter a joint operation agreement with PT HBP, an South Kalimantan company, on an existing coal mine located in Jombang, Satui, Tanah Bumbu, South Kalimantan Province, Indonesia. The coal mine has approximately 5,500,000 metric tonnes of mineable coal deposits. The terms and conditions are expected to be finalized in January 2012.[9]

Coal plants

Vietnam

On December 8, 2011, PHI Group announced that it had signed a Memorandum of Understanding with Sao Nam Group, a Vietnamese company engaged in energy, mining, real estate, and infrastructure, to build a 2,400 to 3,600 MW coal-fired power plant in Hai Khe Commune, Hai Lang District, Southeast Quang Tri Economic Zone, Vietnam.[10]

Clean Coal

The company also cooperates with Powerdyne Industries, LLC on "clean coal" and "evaluate[s] investment opportunities in the areas of oil and gas, alternative energy, and minerals."[11]

Articles and resources

Related SourceWatch articles

External resources

External articles

References

  1. "PHI Group: About" PHI Group, accessed February 2012.
  2. "PHI Energy Corp Acquires Indonesian Coal Assets" PR Newswire, April 21, 2011.
  3. "PHI Energy" PHI Group, accessed February 2012.
  4. "PHI Group: About" PHI Group, accessed February 2012.
  5. "PHI Group to Acquire One Hundred Million Metric Tonnes of Coal Resources in East Kalimantan, Indonesia" Marketwire, Feb. 2, 2012.
  6. "Rokan Hulu" PHI group website, accessed February 2012.
  7. "PHI Energy Corp Acquires Indonesian Coal Assets" PR Newswire, April 21, 2011.
  8. "PHI Energy Completes Purchase of Indonesian Coal Assets" MarketWire, May 31, 2011.
  9. PR Newswire United Business Media, "PHI Group to Enter Joint Operation Agreement with Indonesian Producing Coal Mine", MarketWatch, accessed 18 January 2012.
  10. "PHI Group Partners With Sao Nam Group to Build 2,400 MW Power Plant in Quang Tri Province, Vietnam" Marketwire, Dec. 8, 2011.
  11. "PHI Group: About" PHI Group, accessed February 2012.

Wikipedia also has an article on PHI Group. This article may use content from the Wikipedia article under the terms of the GFDL.