We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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 $8 million, is one such example.
Imam said that to prevent more investors falling victim to fraud, the government should implement a mechanism that got rid of all loopholes that could be manipulated.
"Sometimes there's been an overlap of coal mining areas as laid out in documents," he said.
"So certain concessions are licensed in multiple documents. This *overlap* is made possible because coal mining concessions can be issued by the government as well as local authorities, although the latter are limited to 10,000-hectare concessions.
"But they can, for instance, issue five licenses per person, each for 5,000 hectares," he went on.
"So it can happen that certain areas granted by the government in one license are also included in another license issued by regents."
Imam added coal concessions could also be subcontracted to multiple investors, thereby putting the latter in a quandary when supplying coal to buyers.
"The government should end this kind of uncertainty," he said.
Source: The Jakarta Post
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 17 August 09
CHINESE COAL PURCHASE COULD START A TREND
ABC Rural reported that, The takeover of a major Australian coal mining company by Chinese-owned Yanzhou has raised fears coal markets could be domi ...
Saturday, 15 August 09
TWO / THREE YEAR CHARTER RATES FOR SUPRAMAX IS AROUND US$ 15,000-16,000 PER DAY - VISTAAR SHIPPING
COALspot.com (Singapore): The dry bulk market continued to be soft in the beginning of the week, however towards to end of the week the BDI recovere ...
Friday, 14 August 09
ASIA GREEN TO SELL MORE COAL
I Stock Analyst reported that, Asia Green Energy Plc (AGE) aims to increase its coal sales by 20 percent to 1 million tonnes this year, given the gl ...
Friday, 14 August 09
INDONESIA COAL-PRICES FALL TO $74, INDIA EYES SEPT CARGOES
Reuters reported that, Prices of power-station coal from Australia fell to around $74 a tonne as demand eased, while Indian buyers started to look f ...
Friday, 14 August 09
GUACOLDA STARTS THIRD COAL-FIRED UNIT
Macorship reported that, Chile’s Empresa Electrica Guacolda said that the third unit at its Guacolda coal-fired power plant began supplying po ...
|
|
|
Showing 6501 to 6505 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Australian Coal Association
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
|
| |
| |
|
