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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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Saturday, 25 August 12
INDONESIAN COAL SWAP REMAINS STABLE AT LOW LEVEL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery gain 0.804 percent W-o-W on Friday (24 August 2012) closing but lost 0. ...
Thursday, 23 August 12
INDONESIA-INDIA, LARGE ECO SUPRA FIXED AT USD 6K FOR DELIVERY SOUTH CHINA - FEARNLEYS AS
Handy
The market continued the same trend as last week, low activity and holidays in some countries.
Rate wise unchanged, with US Gulf/Continent ...
Thursday, 23 August 12
EGCO GROUP EXPANDS TOWARDS INTEGRATED ENERGY BUSINESS WITH INVESTMENT IN INDONESIAS COAL MINE
Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer has continually invaded foreign m ...
Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electri ...
Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
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- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Planning Commission, India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
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