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Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
.jpg) The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brokers under control, after the unbridled fraud in the trading of the commodity claimed several foreign investors recently in Kalimantan and Sumatra.
Coal trader Edi Suhardi said the lax control in the industry had made foreign investors the easy targets of fraudsters.
"The government should guarantee legal certainty in the sector, otherwise the fraud cases will keep happening," said the Palangkaraya-based businessman over the weekend.
Recently, US global financial services firm Morgan Stanley was deceived by local partner PT Kerja Sama Tim Enterprise (KSTE), which defaulted on a US$3.9 million coal deal, causing the foreign investor losses of more than $1 million.
KSTE had been contracted to supply 50,000 tons of coal to Morgan Stanley through its branch office in Singapore. But the local partner only sent 16,000 tons in two shipments, with the second consignment falling short of the specifications detailed in the agreement.
A court in Banjarmasin, South Kalimantan, recently sentenced KSTE president director Zul Qamar to two years in prison for the crime.
"Zul Qamar received $1.9 million from Morgan Stanley Capital Group Inc., but the value of the coal shipped was less than $900,000," said prosecutor Ai Suniati.
Another major fraud case has seen US firm Glencore, a widely diversified commodities trading business, suffered losses of $2 million to a local company in Kalimantan last year.
Central Kalimantan coal trader Imam said the increase in global demand for coal had drawn illegal brokers into entering the lucrative business. "Many of them try to make as big a profit as possible by violating the regulations," he said.
"Their only capital is a bundle of documents, which they use to win over less-scrutinizing foreign investors."
Barnabas Irianto, a consultant for Australian company PT GMT Indonesia, which is involved in surveying and trading of coal in South Kalimantan, said the widespread fraud had also claimed local businesses as victims.
"These cases, however, of local sellers being cheated, aren't all that widely publicized," he said.
The case of PT Nusantara Thermal Coal (NTC), which had defrauded local investors in Bungo regency, Jambi, of $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Tuesday, 08 September 09
SOUTH AFRICAN COAL EXPORTS MAY RISE ON SALES TO INDIA
Bloomberg reported that, South African coal exports may rise to 100 million metric tons a year by 2020 and India may become the biggest destination ...
Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
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- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
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