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Wednesday, 16 December 09
UAE'S RAS AL KHAIMAH TO INVEST $5.2B IN EAST KALIMANTAN PROJECT
 Shrugging off neighbor Dubai’s debt problems, the smaller United Arab Emirate of Ras Al Khaimah announced on Tuesday that it would increase its planned in Indonesia from $1 billion to $5.2 billion to develop an integrated energy project in Kalimantan.
“This type of public-private, Middle Eastern-Indonesian initiative is a fantastic example of what can be accomplished when the fundamentals make sense for all parties involved,” said Sheikh Saud Bin Saqr Al Qasimi, the crown prince of Ras Al Khaimah, after a meeting with President Susilo Bambang Yudhoyono in Dubai on Sunday.
The project would help meet the development needs of East Kalimantan communities, while serving to meet the energy challenges in Asia, particularly India and China, Al Qasimi said.
The latest agreement is an expansion of a deal signed in February. At that time, representatives of East Kalimantan province and its East Kutai district met with the Ras Al Khaimah Investment Authority and its subsidiary, RAK Minerals and Metals Investments. The two companies agreed to invest in a 139-kilometer coal railway project in the province worth $1 billion.
However, now the emirate will also commit to building a coal terminal, aluminium smelter and a power plant, worth a total of $4.2 billion.
Madhu Koneru, the chief executive of MEC Holdings, the company which will oversee development of the East Kalimantan project, said the total investment could create as many as 5,000 new jobs in the area within five years.
Gita Wirjawan, the chairman of Indonesia’s Investment Coordinating Board (BKPM), said MEC Infra, a subsidiary of MEC Holdings, will invest $1 billion in the railway project.
“Despite certain perceptions about Indonesia, MEC Infra was able to purchase and clear the land for the entire corridor within a few months,” Gita said.
According to a written statement from MEC, the company will also invest $250 million to build the coal terminal.
It will also invest $2 billion in cooperation with NALCO, Asia’s largest integrated aluminum producer, to build a smelter with an estimated production capacity of 500,000 tons annually. An additional $2 billion will be invested by MEC Coal to build a 1,250 megawatt power plant for the smelter.
Ras Al Khaimah produces less oil than Dubai and its oil-rich neighbor Abu Dhabi, and has instead focused on developing its industrial sector.
It opened its first cement company in 1970s and is now the UAE’s largest producer of cement. In the 1980s, the emirate established RAK Ceramics, now one of the world’s biggest ceramics producers.
Source: The Jakarta Globe
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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
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- The University of Queensland
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- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
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- Indogreen Group - Indonesia
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- Eastern Energy - Thailand
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- London Commodity Brokers - England
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- Parliament of New Zealand
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- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- SMG Consultants - Indonesia
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- Minerals Council of Australia
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- Sical Logistics Limited - India
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- ICICI Bank Limited - India
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- Therma Luzon, Inc, Philippines
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- Marubeni Corporation - India
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- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
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- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
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- Ministry of Finance - Indonesia
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- Metalloyd Limited - United Kingdom
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- Altura Mining Limited, Indonesia
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- Energy Link Ltd, New Zealand
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- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
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- Aboitiz Power Corporation - Philippines
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- Sarangani Energy Corporation, Philippines
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- Ministry of Mines - Canada
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- Neyveli Lignite Corporation Ltd, - India
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- Indonesian Coal Mining Association
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- Australian Coal Association
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
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- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
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- Trasteel International SA, Italy
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- MS Steel International - UAE
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
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