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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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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- White Energy Company Limited
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- The University of Queensland
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Economic Council, Georgia
- Australian Coal Association
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
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