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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, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
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