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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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Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
Saturday, 05 September 09
INDIA BUYING INTO AUSTRALIA'S COAL - INTERVIEW
India is in line to buy vast amounts of Australian coal. An Indian cabinet minister is on a special mission to Australia to help satisfy India's ur ...
Saturday, 05 September 09
52 COMPANIES SUBMIT EOIS TO COAL INDIA
The Hindu, India's largest English news paper reported that, International mining majors from the U.S., South Africa, Australia and Indonesia are a ...
Friday, 04 September 09
INDONESIA PAITON ENERGY BUYS COAL FROM ADARO, KIDECO
PT Paiton Energy, an Indonesian independent power producer, has agreed to buy 3 million tonnes of coal from PT Adaro Energy Tbk (ADRO.JK) and PT Kid ...
Thursday, 03 September 09
ICVL IN TALKS FOR COAL BLOCKS IN INDONESIA
These acquisitions will help ICVL meet an internal target of importing at least 5 million tonnes (mt) of coking coal by 2012-13
LiveMint reported ...
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- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
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