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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, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Australian Coal Association
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- The University of Queensland
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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