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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
 Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 years (referred to below as Option One), to acquire a controlling interest in an affiliated coal miner PT Bhakti Energi Persada (BEP) and an option, to acquire the majority shares from the controlling shareholders of BEP (referred to below as Option Two, and, together with Option One are referred to as Options or Option Agreements).
Adaro Energy will have full control of the management, operations and all the funding of BEP from the date of the signing of the Options.
“We are delighted with the BEP Options we have signed. We feel BEP has excellent potential to help us achieve our main goal of generating substantial sustainable long-term value from Indonesian coal," said President Director Garibaldi Thohir at Adaro in a press statement yesterday filed to Indonesia Stock Exchange.
Adaro also worked for 2 years to negotiate a deal that is structured in a unique way to minimize risk to Adaro. "While we are excited with the BEP opportunity, we must also emphasize that we will use our best judgment before injecting any funds to develop the asset.”
Key success factors such as market readiness, receiving required permits from the government, land availability, social and community support, and completing engineering and geological studies must first be in place before any large capital expenditures will be deployed. “Our investors should not have the perception that once the Options are signed, we will immediately deploy capital to fund BEP. We are entering into these Options to properly assess an opportunity, while minimizing the risk to Adaro’s capital. We want to ensure both the acquisition risks and the execution risks are addressed well in advance.”
BEP, which was established in 2002, owns seven low grade thermal coal licenses in the District of Muara Wahau, East Kutai Regency, East Kalimantan. BEP also owns two transport businesses in East Kalimantan, which own the hauling road that will be used to transport BEP’s coal to the seashore. The seven concessions form one very large contiguous thermal coal deposit. SRK Consulting (Australasia) Pty Ltd (“SRK”) estimated BEP’s concessions to have JORC compliant total resources of 9.53 billion tonnes.
In 2010, Adaro Energy hired Marston, an international mining consultant firm out of St Louis Missouri, USA, to conduct a mining and development study, which verified certain technical assumptions used by SRK in their 2008 and 2009 JORC resource reports. Marston’s estimate of insitu coal tonnages was essentially the same as the SRK estimate as the difference was within acceptable limits.
Option One provides Adaro the option to lend up to US$500 million to acquire 51% equity in BEP over a period of 3 years.
Adaro can make a decision to convert the loan into equity at the end of the 3 year period. Option two also has a 3 year maturity and was signed with PT Persada Capital Investama (PCI), PT Triputra Investindo Arya (TIA), and the descendants of the late Mr. Winarto. PCI and TIA each have a 30.787% stake in BEP and combined with the 18.216% Winarto family stake, own 79.8% of the equity of BEP.
Option two provides Adaro a right to acquire shares held by the controlling shareholders of BEP (together holding 79.8% shares in BEP) in exchange for 2,381.7 million shares of Adaro Energy. Both Options are only options for Adaro and not its obligations.
In June 2011, in an unrelated transaction, Adaro Energy acquired 10.22% of BEP for US$66 million from third party minority holders.
Source: Insider Stories
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
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