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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 $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
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Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
Wednesday, 26 August 09
COAL INDIA MAY HIKE COAL PRICES BY UP TO RS 175 (ABOUT US$ 3.60) A TONNE
The Economic Times reported that, state-owned Coal India may hike coal prices by up to Rs 175 (~ US$ 3.60) a tonne to close the gap between domestic ...
Tuesday, 25 August 09
KOREA TO INTRODUCE COAL-MINING ROBOTS TO REDUCE THE RISK OF HUMAN LOSSES FROM CONVENTIONAL MINING
Far East Gizmos reported that, The state-run Korea Coal Corp. (KOCOAL) signed a memorandum of understanding (MOU) on Monday with three Korean engine ...
Tuesday, 25 August 09
INDIA'S GNFC EXTENDED ONLINE BIDDING FOR PURCHASE OF 260,000 T COAL TO 23RD SEPTEMBER 2009
COALspot.com (India): Gujarat Narmada Valley Fertilizers Co. Ltd. (GNFC) invites offers (e-Tender) for supply of 130,000 MT +/- 5% on firm basis and ...
Tuesday, 25 August 09
ANTAM CONSIDERS ACQUIRING BHP
The Jakarta Post reported that, State mining company PT Aneka Tambang (Antam) is contemplating acquiring BHP Billiton's coal concessions in Central ...
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- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- The University of Queensland
- Makarim & Taira - Indonesia
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