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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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Monday, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
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- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Videocon Industries ltd - India
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