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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, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were hig ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
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- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Videocon Industries ltd - India
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