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Monday, 24 August 09
INDONESIAN GOVT ASKED TO CONTROL COAL TRADERS, BROKERS
.jpg) The Jakarta Post, the leading English news paper in Indoneisa reported that, Businesses are urging the government to bring all coal traders and brokers under control, after the unbridled fraud in the trading of the commodity claimed several foreign investors recently in Kalimantan and Sumatra.
Coal trader Edi Suhardi said the lax control in the industry had made foreign investors the easy targets of fraudsters.
"The government should guarantee legal certainty in the sector, otherwise the fraud cases will keep happening," said the Palangkaraya-based businessman over the weekend.
Recently, US global financial services firm Morgan Stanley was deceived by local partner PT Kerja Sama Tim Enterprise (KSTE), which defaulted on a US$3.9 million coal deal, causing the foreign investor losses of more than $1 million.
KSTE had been contracted to supply 50,000 tons of coal to Morgan Stanley through its branch office in Singapore. But the local partner only sent 16,000 tons in two shipments, with the second consignment falling short of the specifications detailed in the agreement.
A court in Banjarmasin, South Kalimantan, recently sentenced KSTE president director Zul Qamar to two years in prison for the crime.
"Zul Qamar received $1.9 million from Morgan Stanley Capital Group Inc., but the value of the coal shipped was less than $900,000," said prosecutor Ai Suniati.
Another major fraud case has seen US firm Glencore, a widely diversified commodities trading business, suffered losses of $2 million to a local company in Kalimantan last year.
Central Kalimantan coal trader Imam said the increase in global demand for coal had drawn illegal brokers into entering the lucrative business. "Many of them try to make as big a profit as possible by violating the regulations," he said.
"Their only capital is a bundle of documents, which they use to win over less-scrutinizing foreign investors."
Barnabas Irianto, a consultant for Australian company PT GMT Indonesia, which is involved in surveying and trading of coal in South Kalimantan, said the widespread fraud had also claimed local businesses as victims.
"These cases, however, of local sellers being cheated, aren't all that widely publicized," he said.
The case of PT Nusantara Thermal Coal (NTC), which had defrauded local investors in Bungo regency, Jambi, of $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
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- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
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