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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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Saturday, 25 August 12
INDONESIAN COAL SWAP REMAINS STABLE AT LOW LEVEL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery gain 0.804 percent W-o-W on Friday (24 August 2012) closing but lost 0. ...
Thursday, 23 August 12
INDONESIA-INDIA, LARGE ECO SUPRA FIXED AT USD 6K FOR DELIVERY SOUTH CHINA - FEARNLEYS AS
Handy
The market continued the same trend as last week, low activity and holidays in some countries.
Rate wise unchanged, with US Gulf/Continent ...
Thursday, 23 August 12
EGCO GROUP EXPANDS TOWARDS INTEGRATED ENERGY BUSINESS WITH INVESTMENT IN INDONESIAS COAL MINE
Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer has continually invaded foreign m ...
Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electri ...
Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
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- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- The University of Queensland
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
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