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Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
 Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
Indonesia): Air Products & Chemicals and the Indonesian government’s deal on coal gasification projects has triggered a looming policy conflict because it may be impossible to meet the business interests of all parties, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA).
Air Products, a U.S.-based industrial gas company, recently signed additional memoranda of understandings reportedly worth US$15 billion for coal gasification projects in Indonesia. Two of the gasification plants would be used to create dimethyl ether (DME) as a substitute for Indonesia’s domestic liquefied petroleum gas (LPG) imports.
“Many optimistic statements have been made about Air Products’ downstream coal plan in Indonesia,” says Ghee Peh, an IEEFA energy analyst and the report’s author. “But it may be hard for all of the parties involved to realize their dreams.”
The report focuses on a previously announced $2.1 billion project to build a DME plant in Sumatra (which was the subject of a November 2020 IEEFA report). All parties—coal supplier Tambang Batubara Bukit Asam (PTBA), DME plant operator Air Products, and DME offtaker Pertamina—are unlikely to achieve their objectives at the same time. It would require a scenario that includes reduced stranded asset risks, low-risk fixed returns to pay for the DME plant, and selling DME for a profit.
Air Products’ business model is to cut out commodity price risks, effectively insulating returns. PTBA’s DME project could make this low-risk business model difficult to implement, and the conflict could be passed on to the off-taker, Pertamina.
A higher DME purchase price would mean a government subsidy for Pertamina so that the DME can be sold at an affordable price for Indonesian households.
Further compounding the economic unviability of the proposed projects is the difficulty in calculating DME prices, because coal, LPG and oil prices all move in the same direction.
“Over the last 20 years, the DME price has been cheaper than LPG for 15 months, or about 6% of the period, on an ‘apples to apples’ basis,” says Peh.
IEEFA’s report suggests that a government subsidy similar to the current LPG subsidy from Indonesia’s Ministry of Finance is necessary for DME because of its high production cost of US$601/tonne, which includes a 15% DME production margin for Air Products.
“From the government’s point of view, the savings only work when the LPG price is above a certain level—about US$858/tonne,” says Peh. “Since this has only happened for 6% of the last 20 years, the DME project in its current form would not be able to justify any savings, nor would it be able to satisfy all four stakeholders at once.”
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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Eastern Coal Council - USA
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- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
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- Wood Mackenzie - Singapore
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- European Bulk Services B.V. - Netherlands
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- Georgia Ports Authority, United States
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- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
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- IEA Clean Coal Centre - UK
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- Thai Mozambique Logistica
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- Heidelberg Cement - Germany
- Anglo American - United Kingdom
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- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
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- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
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- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
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- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
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- Barasentosa Lestari - Indonesia
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- Chamber of Mines of South Africa
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- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
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- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Wilmar Investment Holdings
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- Parry Sugars Refinery, India
- The University of Queensland
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
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- Edison Trading Spa - Italy
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- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
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- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
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- The State Trading Corporation of India Ltd
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- Bulk Trading Sa - Switzerland
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- Jorong Barutama Greston.PT - Indonesia
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