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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- PTC India Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
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