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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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Tuesday, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
Saturday, 11 August 12
INDONESIAN COAL REFERENCE PRICE HAS LOST 27.78 PERCENT YOY
COALspot.com - Indonesian HBA fell again in August.
The monthly coal reference price for coal sales this month fell 3.32 percent. HBA fell ...
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- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- The University of Queensland
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
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