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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, 19 August 09
MMTC SCRAPS CONTROVERSIAL COAL TENDER
Most of NTPC’s coal-based projects don’t have sufficient stock of coal
State-owned trading firm MMTC Ltd has scrapped its controversi ...
Wednesday, 19 August 09
THE 3RD ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2009 WILL BE HELD IN CHINA IN SEPTEMBER 2009
COALspot.com (China): Due to the inversion of domestic and overseas coal price in China, China coal import increased dramatically and continuously. ...
Wednesday, 19 August 09
COAL INDIA PLANS SUBSIDIARY IN MOZAMBIQUE
Business Standard reported that, Coal India Ltd (CIL), which was awarded two exploratory coal blocks in Mozambique in March this year, has decided t ...
Tuesday, 18 August 09
INDIA PLANS 'SIMPLER' MINING LAW TO BOOST INVESTMENT
Bloomberg reported that, India aims to cut permit delays and attract overseas capital through “simpler” resource investment laws to help ...
Tuesday, 18 August 09
BANPU TO FOCUS ON CORE BUSINESS
Banpu, the country's leading energy firm, expects to conclude its four-year strategic plan next month, resulting in a strengthening of its core bus ...
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- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- The University of Queensland
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
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