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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 $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
Wednesday, 26 August 09
COAL INDIA MAY HIKE COAL PRICES BY UP TO RS 175 (ABOUT US$ 3.60) A TONNE
The Economic Times reported that, state-owned Coal India may hike coal prices by up to Rs 175 (~ US$ 3.60) a tonne to close the gap between domestic ...
Tuesday, 25 August 09
KOREA TO INTRODUCE COAL-MINING ROBOTS TO REDUCE THE RISK OF HUMAN LOSSES FROM CONVENTIONAL MINING
Far East Gizmos reported that, The state-run Korea Coal Corp. (KOCOAL) signed a memorandum of understanding (MOU) on Monday with three Korean engine ...
Tuesday, 25 August 09
INDIA'S GNFC EXTENDED ONLINE BIDDING FOR PURCHASE OF 260,000 T COAL TO 23RD SEPTEMBER 2009
COALspot.com (India): Gujarat Narmada Valley Fertilizers Co. Ltd. (GNFC) invites offers (e-Tender) for supply of 130,000 MT +/- 5% on firm basis and ...
Tuesday, 25 August 09
ANTAM CONSIDERS ACQUIRING BHP
The Jakarta Post reported that, State mining company PT Aneka Tambang (Antam) is contemplating acquiring BHP Billiton's coal concessions in Central ...
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- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- SMG Consultants - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
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