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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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Monday, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
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- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- The University of Queensland
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Planning Commission, India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
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