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