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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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- Holcim Trading Pte Ltd - Singapore
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- Aboitiz Power Corporation - Philippines
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- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
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- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
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- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
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- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
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- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Australian Coal Association
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- San Jose City I Power Corp, Philippines
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- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
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- CIMB Investment Bank - Malaysia
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- Edison Trading Spa - Italy
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- Chamber of Mines of South Africa
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- ICICI Bank Limited - India
- Eastern Energy - Thailand
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- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Minerals Council of Australia
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- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
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- Indian Energy Exchange, India
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- Trasteel International SA, Italy
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- Central Java Power - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
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- Ministry of Finance - Indonesia
- CNBM International Corporation - China
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- Energy Development Corp, Philippines
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- Ministry of Transport, Egypt
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- Intertek Mineral Services - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
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- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
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- Simpson Spence & Young - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
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- Salva Resources Pvt Ltd - India
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- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
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- Kapuas Tunggal Persada - Indonesia
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- Videocon Industries ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
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- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
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