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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, 24 August 09
10 LAKH (1 MILLION) TONNE COAL BURNT IN KPT
Times of India reported that, In an unusual phenomenon, 10 lakh tonne coal cache stored at a plot in Kandla Port Trust was reduced to ashes after it ...
Monday, 24 August 09
LANCO IN TALKS FOR INDONESIAN COAL MINE
Economic Times of India reported that, Infrastructure company Lanco Infratech is in advanced talks with Indonesian engineering, procurement and cons ...
Saturday, 22 August 09
'THE BDI IS LIKELY TO BE HOLDING AROUND 2,500 POINTS' - SHIPPING UPDATE
COALspot.com (Singapore): The dry bulk market continued to be soft and the BDI dropped by 10 percent this week and closed at 24,68 points this week. ...
Saturday, 22 August 09
INDIAN COAL BUYERS RE-EMERGE WITH FRESH TENDERS
Reuters world's largest international multimedia news agency reported that,Indian coal end-users have re-emerged after a few weeks with several fre ...
Friday, 21 August 09
HUANENG YIMIN TO HIKE COAL OUTPUT
China Daily, the largest English portal in China reported that, China's first large coal-electricity joint project, Huaneng Yimin Coal Electricity ...
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- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
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