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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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Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
Wednesday, 16 September 09
NAPOCOR GETS 3 OFFERS IN COAL TENDER
ABS-CBN news reported that, The Philippines' state-run National Power Corp. (Napocor) said on Wednesday it received offers from 3 Indonesian firms ...
Wednesday, 16 September 09
S.KOREA KOSEP BUYS 1.06 MLN T COAL-SOURCE
* 6,080 kcal/kg at $63-65, 4,900-5,350 kcal/kg at $56-58
* Initially about 5 mln T offered for tender
Reuters reported that, Korea South ...
Tuesday, 15 September 09
CHINA COAL EXPORT ROSE M-O-M FOR THE STRAIGHT 3 MONTHS
Alibaba reported that, In the January-August period, China coal exports slid by 55.9% to 14.83mln tons month on month. In August, China exported 1.9 ...
Monday, 14 September 09
CIL MAY REDUCE FLOOR PRICE OF E-AUCTION COAL
After receiving a lukewarm response to the forward e-auction started in two of its subsidiaries, Coal India Limited (CIL) is mulling to reduce the f ...
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- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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