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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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Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- White Energy Company Limited
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
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