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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Australian Coal Association
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
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