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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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Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
Monday, 14 September 09
BOOM FORECAST FOR COAL OUTPUT
SMH.com reported that, A COAL investment boom is driving Australian production to new peaks even as our biggest export markets shift towards cleaner ...
Sunday, 13 September 09
COAL INDIA MAY ACQUIRE ASSETS OF RIO TINTO
Coal India’s plan to acquire overseas mining assets is gathering steam. After a breakthrough in Mozambique, the coal behemoth has received&nbs ...
Saturday, 12 September 09
THE INDIA / FAR EAST SEEMS WILL CONTINUE TO BE SOFT UNTIL THE IRON ORE MOVEMENTS PICKS UP - CAPT. REDDY
COALspot.com (Singapore): The dry bulk market continued to be stable at almost as same levels as last week and the BDI was at 2,468 points.
...
Saturday, 12 September 09
GOVT REQUESTS MORE TIME TO ACQUIRE 21% SHARES IN NNT
The Jakarta Post reported that, the government plans to request a postponement for the acquisition of 21 percent shares in PT Newmont Nusa Tenggara ...
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- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Mercuria Energy - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
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- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
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