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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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Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
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- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Parliament of New Zealand
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
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