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Merukh swaps coal for ships and planes

Merukh swaps coal for ships and planes

Jakarta: Mining company PT Merukh Enterprises is diversifying into aviation and shipping by swapping commodities for Chinese built airplanes and ships in a transaction worth $10 billion.

Owned by politician turned mining magnate Yusuf Merukh, the company on Friday signed a memorandum of understanding with China's state-owned airplane producer Avic International Holding to supply Merukh with a total of 60 airplanes and ships worth $10 billion, Merukh Enterprises president director Rudy Merukh said on Tuesday.

Under the agreement, Merukh will supply Avic with 50 million tons of coal, nickel and copper over 30 years, beginning this year, Rudy said.

Merukh will acquire from Avic: 24 Y12IV airplanes, six H425 helicopters, nine Chinese ARJ21 jets, six Boeing fixed wing planes, six ships with carrying capacities of 8,000 tons to 15,000 tons, nine Panamax coal-carrying vessels, as well as hotels and office towers in Beijing and Shanghai worth a combined $300 million. [19/05/10]