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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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- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
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