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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
 Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 years (referred to below as Option One), to acquire a controlling interest in an affiliated coal miner PT Bhakti Energi Persada (BEP) and an option, to acquire the majority shares from the controlling shareholders of BEP (referred to below as Option Two, and, together with Option One are referred to as Options or Option Agreements).
Adaro Energy will have full control of the management, operations and all the funding of BEP from the date of the signing of the Options.
“We are delighted with the BEP Options we have signed. We feel BEP has excellent potential to help us achieve our main goal of generating substantial sustainable long-term value from Indonesian coal," said President Director Garibaldi Thohir at Adaro in a press statement yesterday filed to Indonesia Stock Exchange.
Adaro also worked for 2 years to negotiate a deal that is structured in a unique way to minimize risk to Adaro. "While we are excited with the BEP opportunity, we must also emphasize that we will use our best judgment before injecting any funds to develop the asset.”
Key success factors such as market readiness, receiving required permits from the government, land availability, social and community support, and completing engineering and geological studies must first be in place before any large capital expenditures will be deployed. “Our investors should not have the perception that once the Options are signed, we will immediately deploy capital to fund BEP. We are entering into these Options to properly assess an opportunity, while minimizing the risk to Adaro’s capital. We want to ensure both the acquisition risks and the execution risks are addressed well in advance.”
BEP, which was established in 2002, owns seven low grade thermal coal licenses in the District of Muara Wahau, East Kutai Regency, East Kalimantan. BEP also owns two transport businesses in East Kalimantan, which own the hauling road that will be used to transport BEP’s coal to the seashore. The seven concessions form one very large contiguous thermal coal deposit. SRK Consulting (Australasia) Pty Ltd (“SRK”) estimated BEP’s concessions to have JORC compliant total resources of 9.53 billion tonnes.
In 2010, Adaro Energy hired Marston, an international mining consultant firm out of St Louis Missouri, USA, to conduct a mining and development study, which verified certain technical assumptions used by SRK in their 2008 and 2009 JORC resource reports. Marston’s estimate of insitu coal tonnages was essentially the same as the SRK estimate as the difference was within acceptable limits.
Option One provides Adaro the option to lend up to US$500 million to acquire 51% equity in BEP over a period of 3 years.
Adaro can make a decision to convert the loan into equity at the end of the 3 year period. Option two also has a 3 year maturity and was signed with PT Persada Capital Investama (PCI), PT Triputra Investindo Arya (TIA), and the descendants of the late Mr. Winarto. PCI and TIA each have a 30.787% stake in BEP and combined with the 18.216% Winarto family stake, own 79.8% of the equity of BEP.
Option two provides Adaro a right to acquire shares held by the controlling shareholders of BEP (together holding 79.8% shares in BEP) in exchange for 2,381.7 million shares of Adaro Energy. Both Options are only options for Adaro and not its obligations.
In June 2011, in an unrelated transaction, Adaro Energy acquired 10.22% of BEP for US$66 million from third party minority holders.
Source: Insider Stories
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Australian Coal Association
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
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