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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, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
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- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
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