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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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- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
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