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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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Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Planning Commission, India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
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