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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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Tuesday, 08 September 09
SOUTH AFRICAN COAL EXPORTS MAY RISE ON SALES TO INDIA
Bloomberg reported that, South African coal exports may rise to 100 million metric tons a year by 2020 and India may become the biggest destination ...
Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
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- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
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- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
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- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Vedanta Resources Plc - India
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- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
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- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Economic Council, Georgia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
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