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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, 24 August 09
10 LAKH (1 MILLION) TONNE COAL BURNT IN KPT
Times of India reported that, In an unusual phenomenon, 10 lakh tonne coal cache stored at a plot in Kandla Port Trust was reduced to ashes after it ...
Monday, 24 August 09
LANCO IN TALKS FOR INDONESIAN COAL MINE
Economic Times of India reported that, Infrastructure company Lanco Infratech is in advanced talks with Indonesian engineering, procurement and cons ...
Saturday, 22 August 09
'THE BDI IS LIKELY TO BE HOLDING AROUND 2,500 POINTS' - SHIPPING UPDATE
COALspot.com (Singapore): The dry bulk market continued to be soft and the BDI dropped by 10 percent this week and closed at 24,68 points this week. ...
Saturday, 22 August 09
INDIAN COAL BUYERS RE-EMERGE WITH FRESH TENDERS
Reuters world's largest international multimedia news agency reported that,Indian coal end-users have re-emerged after a few weeks with several fre ...
Friday, 21 August 09
HUANENG YIMIN TO HIKE COAL OUTPUT
China Daily, the largest English portal in China reported that, China's first large coal-electricity joint project, Huaneng Yimin Coal Electricity ...
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- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Parliament of New Zealand
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
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