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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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Thursday, 20 August 09
INDONESIA'S DELTA DUNIA BUYS COAL FIRM FOR $550 MLN
* Delta Dunia to acquire BUMA for $550 million
* Expect to complete the deal in the fourth quarter of 2009
* Delta Dunia has appointed Barclays Ca ...
Thursday, 20 August 09
MUNDRA PORT BAGS MORMUGAO PORT COAL TERMINAL DEVELOPMENT CONCESSIONS
NDTV reported that, Mundra Port and Special Economic Zone (Mundra Port) the largest private port in India has won the bid for the development of coa ...
Thursday, 20 August 09
INDONESIA'S BUKIT ASAM SET FOR MINE ACQUISITIONS
* Allocates $150 million for coal mine acquisitions
* Expects one deal to be completed by the end of 2009
Reuters world's largest international ...
Thursday, 20 August 09
INDONESIAN COAL EXPORT LESSENS IN FIRST SEMESTER
Domestic coal use has grown by five million tons.
Viva News reported that, Domestic coal export up until the first half of 2009 decreased by four ...
Wednesday, 19 August 09
STEAM COAL PRICES ARE SINKING - THE GERMAN COAL IMPORTERS ASSOCIATION
COALspot.com (German): Oversupply in the World Market. In 2Q 2009 the steam coal prices sank massive in comparison to the previous years quart ...
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- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
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