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Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
 COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Central Java. BPI is owned by a consortium of Electric Power Development Co., Ltd. (J-Power) – PT Adaro Power (AP) – Itochu Corporation (Itochu).
President Director of PT Adaro Energy Tbk (AE), Mr Garibaldi Thohir, remarked “We are pleased to achieve this significant milestone. Despite the delay, we are thankful for the support from PLN, all sponsors, lenders, government institutions and other stakeholders. We expect that the process will move forward as planned, and we are excited as we are now closer to our vision to be a leading Indonesian mining and energy group and establishing one of our engines of growth.”
According to PT Adaro Energy Tbk's disclosure to the Indonesia Stock Exchange and the OJK, total investment for this project cost is around US$ 4.2 billion, and BPI will receive project funding of approximately US$3.4 billion from the Japan Bank for International Cooperation (JBIC) and a syndication of nine commercial banks: SMBC, BTMU, Mizuho, DBS, OCBC, Sumitomo Trust, Mitsubishi Trust, Shinsei and Norinchukin.
According to PT Adaro Energy, this project will sell electricity to PT Perusahaan Listrik Negara (Persero) (PLN) under a power purchase agreement (PPA) for 25 years from the completion of construction, the PPA between BPI and PLN was signed on October 6th, 2011.
The Government of Indonesia through the Ministry of Finance, the Indonesia Infrastructure Guarantee Fund (IIGF) and BPI have signed an agreement to guarantee the payment from PLN to BPI as stipulated in the PPA. IIGF is an institution established by the Government of Indonesia to provide guarantee for government institutions participating in public private partnership (PPP). This project is Indonesia’s first PPP project to receive IIGF’s guarantee.
President Director of BPI, Mr Mohammad Effendi, said “After the financial close, construction of the power plant should immediately begin. Construction is estimated to take approximately four year and COD is expected in 2020.”
This power plant will be one of the largest IPP in Asia and is the first coal-fired power plant project to use the environmentally friendly ultra-supercritical (USC) technology in Indonesia. The USC uses steam temperatures and pressures above the supercritical point of water which allows lower fuel consumption per kilowatt hour (KwH) and reduce specific CO2 emissions.
The disclosure further noted that, this project has been delayed for several years due to difficulties related to land acquisition. Early this year, through the implementation of Law No.2/2012 regarding Land Procurement for Development in the Public Interest, BPI and PLN had been able to secure all the required land and this has made BPI the first Independent Power Producer (IPP) to have successfully implemented Law No.2/2012.
Despite the delay, all partners remain committed to the project and all the stakeholders involved including the government of Indonesia, PLN and the creditors remain committed to the project from the beginning. The Engineering, Procurement and Construction (EPC) contractors selected for this project are Mitsubishi Hitachi Power Systems, Ltd for the offshore portion and Sumitomo Corporation for the onshore portion.
Operation & Maintenance of the power plant will be conducted by BPI. From the beginning of construction and throughout its operation, BPI will contribute significantly to the social and economic development of Indonesia, particularly the Batang Regency and Central Java region, through job creation and numerous social development programs to create shared value between BPI and the community. One example, in order to overcome the impact of land acquisition, BPI has given social compensation to affected farmers and prepared replacement land to solve the changes in livelihood method. BPI has also carried out several community development programs and will continue to improve its programs for the development of a self sustaining society.
 About PT Bhimasena Power Indonesia
PT Bhimasena Power Indonesia (BPI) is a consortium of Electric Power Development Co., Ltd. (J-Power) (34%), PT Adaro Power (34%) and Itochu Corporation (Itochu) (32%). PT Adaro Power is a wholly-owned subsidiary of PT Adaro Energy Tbk.
The 2x1,000 MW power plant is located in Batang Regency, Central Java. It is the first infrastructure project under the public private partnership (PPP) structure and will apply the Build, Own, Operate, Transfer (BOOT) scheme. This project is part of the Master Plan for Acceleration and Expansion of Indonesia Economic Development and will lead economic development in Java. The 2x1000 MW power plant is also part of the 35,000MW program inaugurated by President Joko Widodo, a national strategic plan to meet Indonesia’s growing electricity demand. This project will use the more efficient and environmentally-friendly Ultra-Super Critical technology.
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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Lanco Infratech Ltd - India
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- Mintek Dendrill Indonesia
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- Global Coal Blending Company Limited - Australia
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- Kobexindo Tractors - Indoneisa
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- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
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- Indonesian Coal Mining Association
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- Intertek Mineral Services - Indonesia
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- Australian Coal Association
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- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- The University of Queensland
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- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
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- Electricity Authority, New Zealand
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- Kideco Jaya Agung - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
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- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
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- Romanian Commodities Exchange
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- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
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- White Energy Company Limited
- Tata Chemicals Ltd - India
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- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- MS Steel International - UAE
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