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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, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
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- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
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