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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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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Planning Commission, India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
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