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Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
 As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so bitter that the massive 230 million ton coal development project at the center of the dispute is in jeopardy of falling into foreign hands.
CircleOne is showing signs it might sell its development stake to an overseas company. If this occurs, it will be a significant loss for Korean industry. Korea imports all of its steam coal and the government has designated it as one of the six most important resources. Last year, Korea imported 75.6 million tons worth $7 billion.
The KBB mine is the largest overseas mine that any Korean company has won the right to develop. It is on Sumatra Island, Indonesia, and covers 18,440 hectares (45,566 acres), which is about one-third the size of Seoul.
On June 13, SK Group affiliate SK Networks and CircleOne squared off over the stalled project in Seoul Central District Court, in what was the latest chapter in the three-year court battle.
While SK demanded CircleOne pay back the $20 million investment and $13.8 million in loans, CircleOne accused SK of being in breach of their 2007 deal.
CircleOne became the second Korean company to win resource development rights from the Indonesian government when it won the rights to KBB in March 2007. Several Korean companies had been vying for the project, including SK Networks. That prompted SK to team up with CircleOne to jointly develop the mine.
Under the 2007 arrangement, SK would invest $20 million in the project for a 23.5 percent stake. It also agreed to lend CircleOne an additional $22 million to set up on-site infrastructure. However, it all unraveled in early 2009 when SK suddenly stopped supplying CircleOne with cash - refusing to lend the company the remaining $8.2 million. Then in March last year, SK filed a lawsuit, demanding that CircleOne pay back all the money it had been lent. A shovel hasn’t entered the ground since.
SK claims CircleOne violated the terms of the contract by skipping on regulatory approval. It added that CircleOne falsely claimed to have resource rights to the entire 45,566 acre area, but in actual fact other companies had been operating oil wells and still more were farming. SK said its loans were meant for only development, but CircleOne used them to raise wages.
CircleOne, however, said SK’s claims are not true. It said the contract did not outline the resource rights and regulatory approval had been sought when required. SK, CircleOne claims, conducted due diligence four months before the contract was signed and had full knowledge of the oil projects and farming already taking place within the boundaries of the mine.
Time is ticking on the two-year court battle. If the sides can’t reconcile and infrastructure is not built by April 2012, the Indonesian government could invoke a contractual “out” in its deal with CircleOne and reopen bidding to develop the mine.
International steam coal prices have been on the rise due to the earthquake in Japan, as market watchers forecast higher demand for coal as a replacement for nuclear power. Prices rose from $84 per ton in 2009 to $131.80 per ton in April.
“We need to block the development rights going over to an overseas company at all costs,” said Kim Jung-gwan, the second vice minister at the Ministry of Knowledge Economy. “We hope that the two sides reconcile.”
Some experts suggest that the Korea Resources Corporation buy CircleOne’s rights.
The court is expected to make a ruling on Thursday.
About Korea JoongAng Daily
Korea JoongAng Daily is the exclusive partners to the International Herald Tribune in Korea.
Source: Korea JoongAng Daily ( By Kim Yeong-ook & Jung Seung-hyun)
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Monday, 20 June 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2011 IS ON THE WAY
Press Release - Since the beginning of 2011, international commodity price has been in a high level, resulting in “TENSION” of energy co ...
Sunday, 19 June 11
S6 AND S7 ROUTES LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market seemed to be stabilizing and the BDI and Cape index was up marginally and closed at 1,423 points and 1,824 points ...
Sunday, 19 June 11
BUMI 1Q NET PROFIT INCREASES 16.5 PERCENT
PT Bumi Resources Tbk (BUMI), Indonesia's largest coal exporter that is 25% owned by London-listed Vallar Plc, reported a16.49% increase in net pro ...
Friday, 17 June 11
DRY BULK BREATHES SIGH OF RELEAF ON RENEWED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has caught a sign of relief from the middle of the week onwards, as the BDI (Baltic Dry Index) increased once again yesterday, t ...
Thursday, 16 June 11
BOOSTING THE USE OF LOW CARBON ENERGY FOR A BETTER WORLD
Bali, Indonesia host of world renewable energy congress – Indonesia, international conference & exhibition on renewable energy and energy ...
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- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
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