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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, 07 July 12
BALTIC INDEX UP ON STRONG CAPE, PANAMAX RATES - VISTAAR
COALspot.com - This week all the segments were firmed up with BDI up by 15.23 pct (up by 153 points) closing at 1,157 points.
The cape index also ...
Saturday, 07 July 12
DRY BULK MARKET NOT ABLE TO FIND SOLID GROUND SAY EXPERTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the second half of each, traditionally looking the most active one, especially in terms of newbuildings being delivered, it's highly unlikely ...
Thursday, 05 July 12
GOVT GETS READY FOR $1.8B SUIT - THE JAKARTA POST
The Jakarta Post, one of the leading Indonesian English new papers reported that, several ministries and the Attorney General’s Office held a ...
Thursday, 05 July 12
DRY BULK MARKET MOVES FURTHER UP THE HILL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its growth momentum by the middle of the week, as the BDI (Baltic Dry Index) rose by an additional 40 points to 1,103 p ...
Thursday, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
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- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- The University of Queensland
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Planning Commission, India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
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