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Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
 ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia's biggest export "contract" to supply coal to China from a new Queensland mine.
China Power International Holding's senior vice-president instead described the agreement as a "framework agreement", forcing Mr Palmer into desperate damage control as he flew back to Australia from China.
Mr Palmer and Queensland Premier Anna Bligh on the weekend announced what they said was an agreement for China Power International Development to buy $US60 billion ($68.8bn) worth of coal over the next 20 years from the Galilee Basin in central Queensland.
China Power International Development, a listed company on the Hong Kong Stock Exchange, issued a statement yesterday in which it denied it had reached such an agreement.
| "We're working harder to settle the final contract, which will take some time to complete” - Mr Zhao Yazhou |
Mr Palmer then issued a statement in which he said a mistake had been made and the agreement his company, Resourcehouse, had reached was with China Power International Holding, a Chinese government-owned enterprise based in Beijing.
Mr Palmer attended a lunch in Beijing yesterday with China Power International Holding before flying to Hong Kong and then Perth, but stood by the weekend announcement of the deal and the figures in it.
However, there was further doubt cast on the strength of the deal when China Power International Holding's vice-president said it had only signed a "framework agreement".
A report of a speech by Zhao Yazhou at the lunch said the two companies were still working on the final contract, but didn't indicate when a definitive agreement would be reached.
"We're working harder to settle the final contract, which will take some time to complete," Mr Zhao said.
Xinhua, the official Chinese news agency, reported a company official as saying the two companies had signed "an agreement of intent" and they had not yet started price negotiations.
Mr Palmer's company yesterday stood by its statement that the deal was a binding contract, but said the $US60bn figure was an estimate and it would not confirm if price negotiations had been detailed in the deal.
Resourcehouse executive director Phil McNamara said the company's statement, correcting its initial release on the deal, stated that the price would be linked to the market and the $US60bn figure was an estimate over the life of the agreement.
"It is linked to the market for 20 years of supply. We have estimated what we think the value is across the life of the agreement," he said yesterday.
Mr Palmer was yesterday travelling between Beijing, Hong Kong and Perth, but a statement from him said the contract was with China Power International Holding Limited, a Chinese government-owned enterprise based in Beijing, not its Hong Kong subsidiary, China Power International Development.
Ms Bligh said she had seen the contract and while it did not mention dollar totals, it did mention tonnages, and Mr Palmer had worked out the average price over a 20-year period.
"I'm advised that it is a legally binding agreement that will underpin the price contract," she said. One China-focused lawyer said the wording around binding contract and China's rebuttal that it was an "agreement of intent", sounded similar to the recent Australian Securities & Investments Commission's case against Andrew Forrest's Fortescue Metals Group.
The corporate watchdog lost its battle to prove that Mr Forrest and Fortescue had misled the market about the status of deals signed in 2004 with Chinese companies. ASIC is now appealing the ruling.
ASIC initiated legal action against Mr Forrest and Fortescue in the Federal Court in March 2006, claiming they had engaged in misleading and deceptive conduct by overstating agreements with three Chinese companies to finance its Pilbara iron ore project.
But Mr Forrest's team argued that contracts with Chinese companies were binding.
Source: The Australian
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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- VISA Power Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
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