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