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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, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
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- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
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