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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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Thursday, 13 September 12
PANAMAX: THE NEGATIVE TREND, POOR SENTIMENT CONTINUES - FEARNLEYS AS
Handy
Lack of cargoes and a growing list of available ships is causing rates to slip for all Atlantic trades.
The only trade keeping somewhat s ...
Thursday, 13 September 12
FUEL EFFICIENT SHIPS MAY BE MORE EXPENSIVE, BUT THEY MAKE FINANCIAL SENSE SAYS ANALYSIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest trend in shipbuilding is the so called "Eco" ship, i.e. ships which offer much better fuel consumption and are more cost-effect ...
Tuesday, 11 September 12
CLOUDY AND POLICY RISK INDONESIAN COAL INDUSTRY
COALspot.com - Bahana Securities in its latest coal outlook, commented on the Indonesian coal market, with economic slowdown in the four largest coa ...
Tuesday, 11 September 12
SHIP OWNERS KEEN ON SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most ship owners back from their summer rest, things are starting to pick up again in the second hand vessel market, with more and more deals b ...
Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
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- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- White Energy Company Limited
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Australian Coal Association
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
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