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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 $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Monday, 31 August 09
INDIA MMTC ISSUE TENDER TO IMPORT 12.5 MMT COAL TO BE SUPPLIED OVER A PERIOD OF 12 MONTHS
COALspot.com (India): MMTC has re-issued a tender to import 12.50 Million Metric Tonnes (12.50 MMT) (+/- 2%) of thermal coal to be supplied over a p ...
Monday, 31 August 09
INDONESIA ADARO'S NET PROFIT SOARS 1,506 PERCENT ON HIGH PRICES
The Jakarta Post reported that, the country's second largest coal producer, PT Adaro Energy said Sunday that its first-half net profit soared 1,506 ...
Sunday, 30 August 09
THE FUTURES FOR THREE YEARS FOR 2010-2012 IS AROUND PANAMAX / US$ 15,500 & SUPRAMAX / US$ 13,500 PER DAY
COALspot.com (Singapore): The dry bulk market continued to be soft this week and the BDI was almost stable and closed at 2,421 points this week.
...
Friday, 28 August 09
INDONESIA SEEKS TO INCREASE COAL PRODUCTION TO BOLSTER REVENUE
The Jakarta Post, the leading english news paper in Indonesia reported that, Indonesia expects to increase coal production by up to 20 million tons ...
Friday, 28 August 09
MERCURIA ENERGY OPENS INDONESIA TRADING OFFICE
COALspot.com ( Indonesia): Mercuria Energy Group has opened a new office in Jakarta, Indonesia, focussed on trading coal.
Jakarta-based Emanuele ...
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- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Planning Commission, India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
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