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Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
 COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has announced that the Company has made significant further progress towards delivering the commercial potential of Block VI in the Thar Coalfields.
According to Oracle’s press release, Oracle has signed an Engineering Procurement and Construction (EPC) Framework Agreement in Beijing with SEPCO Electric Power Construction Corporation (SEPCO), leading power and construction group in China.
SEPCO has also proposed a financing structure to potentially securitise up to 85 percent of the cost of the two EPC contracts.
Highlights:
- SEPCO has been selected as preferred contractor to enter into two lump sum turnkey EPC contracts for both the 4.2 million tonnes per annum Coal Mine and the 600MW Power Plant; the combined EPC price or transaction value is circa US dollar 1.3 Billion. This figure is subject to modification during the finalisation of the detailed contracts.
- SEPCO has delivered an outline of the financing proposal for project finance loans under which Sinosure would consider securitising up to 85 percent of the cost of the two EPC contracts.
- SEPCO has agreed to consider taking an equity stake of 10 percent in EPL, which is to be formed in Pakistan by Oracle, after due diligence has been completed.
- A comprehensive EPC Term Sheet for the coal mine and power plant is expected to be agreed between Oracle and SEPCO by year-end 2014 in preparation for the final investment decision, and for groundwork to commence in mining and power plant development in 2015.
- Oracle has appointed Turner & Townsend and Mott MacDonald (leading international project consultants and managers with expertise in China), as technical advisers for the coal mine and power plant respectively and to manage the process of entering into EPC term sheets and contracts with SEPCO. The EPC contracts will be developed to comply with Oracle's technical requirements, Power Purchase Agreement, Coal Sales Agreement and other agreements to be entered with Oracle's Pakistan subsidiaries, and Pakistan authorities.
- Oracle and SEPCO aim to finalise the necessary documents within six months of this agreement and have entered an exclusive agreement for this period with possible extension by mutual agreement.
Entering the EPC Framework Agreement with and receiving a financing proposal from one of China's largest State-Owned Enterprises in the energy sector is another step towards bringing the project to reality, Oracle said in its press release.
“ Both SEPCO and Oracle are eager to succeed in the development of our integrated coal mine and power plant project and to play an effective role in addressing Pakistan's energy crisis,” said Shahrukh Khan, CEO of Oracle.
Liu Chuanming, Chairman of SEPCO, noted: “ We at SEPCO are confident of Oracle's endeavors to develop one of Pakistan's largest energy projects and are delighted to be Oracle's preferred EPC contractor and partner for the coal mine and power plant project.
Oracle has demonstrated its high standards in taking their project to this level that complements SEPCO standards in project execution and financing.
According to Oracle’s website, Oracle developing Pakistan's first large scale open pit coal mine. Oracle Coalfields is an AIM listed (AIM:ORCP) coal developer. The company’s primary interest is the Thar Coalfield Block VI licence area located in the Sindh Province, south-eastern Pakistan, a 1.4 billion tonnes resource with 529 million tonnes JORC mineral resource and 113 million tonnes JORC proven reserves within the mining area of the licence.
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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Latin American Coal - Colombia
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- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
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- Ministry of Transport, Egypt
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- Straits Asia Resources Limited - Singapore
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- Manunggal Multi Energi - Indonesia
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- Sojitz Corporation - Japan
- Petron Corporation, Philippines
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- Siam City Cement - Thailand
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- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Australian Coal Association
- The State Trading Corporation of India Ltd
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- Independent Power Producers Association of India
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- Indian Energy Exchange, India
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- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
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- The University of Queensland
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- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
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- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
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- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
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- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
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- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
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- Marubeni Corporation - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Planning Commission, India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
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- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
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