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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- MS Steel International - UAE
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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