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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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Sunday, 23 September 12
AN ANOTHER UNSTABLE WEEK FOR INDONESIAN COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.10 percent and 0.916 percent WOW and DOD respectively ...
Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
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- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Planning Commission, India
- MS Steel International - UAE
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
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