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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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- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
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