Penn Virginia Resource buys 26.8 million tons of coal reserves

Though US economy makes slow recovery, ‘Penn Virginia Resource buys coal reserves of over 25 million tons from Indianapolis Power & Light amounting over U$13 billion, to meet ever-increasing power demand for both residents and companies. Besides, it also manages other resources like natural gas along with their processing, to fulfill its ambition of becoming a fully integrated energy company in the country. In fact, this prized acquisition is located closer to more than 15 other coal based power plants, as discussions are going on, to lease its newly-possessed reserves to these plants.

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UPDATE 1-Penn Virginia Resource buys coal reserves for $13.5 mln