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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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Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
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- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
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