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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, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
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