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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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Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
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- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- The University of Queensland
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Australian Coal Association
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
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