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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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Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
Saturday, 05 September 09
INDIA BUYING INTO AUSTRALIA'S COAL - INTERVIEW
India is in line to buy vast amounts of Australian coal. An Indian cabinet minister is on a special mission to Australia to help satisfy India's ur ...
Saturday, 05 September 09
52 COMPANIES SUBMIT EOIS TO COAL INDIA
The Hindu, India's largest English news paper reported that, International mining majors from the U.S., South Africa, Australia and Indonesia are a ...
Friday, 04 September 09
INDONESIA PAITON ENERGY BUYS COAL FROM ADARO, KIDECO
PT Paiton Energy, an Indonesian independent power producer, has agreed to buy 3 million tonnes of coal from PT Adaro Energy Tbk (ADRO.JK) and PT Kid ...
Thursday, 03 September 09
ICVL IN TALKS FOR COAL BLOCKS IN INDONESIA
These acquisitions will help ICVL meet an internal target of importing at least 5 million tonnes (mt) of coking coal by 2012-13
LiveMint reported ...
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- Planning Commission, India
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- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
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- Deloitte Consulting - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
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- The University of Queensland
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- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
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- Thai Mozambique Logistica
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- Electricity Authority, New Zealand
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- Economic Council, Georgia
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- Global Green Power PLC Corporation, Philippines
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- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
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- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
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- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
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- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
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- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
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- Semirara Mining Corp, Philippines
- Australian Coal Association
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- MS Steel International - UAE
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- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
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- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Malabar Cements Ltd - India
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- CNBM International Corporation - China
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
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