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Thursday, 21 January 10
MEC IN TALKS WITH TATA POWER ON COAL - TRADE
.jpg) The UAE's Middle East Coal is in talks to supply coal to Tata Power, India's biggest private sector power firm, from its new Indonesian operations, an industry source said on Wednesday.
The long-term supply deal would be in exchange for an equity stake in Tata, the India-based source who is familiar with the talks, said.
Middle East Coal (MEC) is a joint venture between United Arab Emirates' investment fund RAK Minerals and Metals Investments (RMMI) and UAE-based mining company Trimex.
"There are talks going on between MEC and Tata Power for the shipping of coal from Indonesia to India from MEC's new project there," the industry source said, declining to be identified.
MEC plans to start operation of coal mines in Indonesia's coal-rich East Kalimantan province this year with initial production of 2 million tonnes destined for India. The supply deal would help MEC find the $500 million in financing it needs for the project which has an estimated cost of $1 billion.
A senior MEC official declined to comment on the Tata talks.
"We held talks with five of India's top energy companies about supplying them with coal," said Madu Koneru, vice chairman of Middle East Coal, declining to name the companies involved.
"The announcement of the company names will be sometime in March and we are also in talks with companies in China."
Tata Power also declined to comment on any talks with MEC.
"We are exploring different options for our coal requirements in Indonesia and elsewhere," a spokesman from Tata Power told Reuters in an email.
RMMI won a licence in March to build a 150 km (93 miles) rail link carrying coal from a mine in East Kalimantan to a coal terminal.
MEC plans to start shipments of 3 to 5 million tonnes of thermal coal via road. Once the rail project is complete, shipments would rise to 17 million tonnes.
Of the 17 million tonnes, 10 million would be shipped to India, 7 million to China and the remaining two million tonnes to the UAE's northern emirate of Ras al-Khaimah, home to RMMI.
PROJECT PARTNERS
MEC's mine and railway are central to the development of an industrial facilities complex that will include a power plant fuelled by coal, an aluminium smelter, a fertiliser plant and a high capacity port terminal with a total investment valued at $5billion, said an MEC company statement.
Together with equity partner NALCO, an Indian government entity and Asia's largest integrated aluminium complex, MEC plans to invest $2 billion in a greenfield aluminium smelter producing 500,000 tons of aluminium a year, the statement added.
A further $2 billion investment will build a 1,250 mega watt captive power plant and other auxiliary facilities for the smelter, it said.
On the railway project MEC had partnered with CANAC, a Canadian railway and transportation services firm for railway and port operations and maintenance.
IL&FS Transportation Networks Limited, (ITNL) a subsidiary of India's Infrastructure Leasing & Financial Services (IL&FS) Group would provide MEC with financing to build the transportation infrastructure, railway network and deep sea port.
"The agreement is on a build, finance and transfer basis and MEC and IL&FS Group hold a shared vision of bringing coal to India," said MEC's Koneru.
Coal production in East Kalimantan accounts for over half of Indonesia's total coal output, forecast to reach around 230 million tonnes this year. Indonesia is the world's top exporter of thermal coal.
Source: Reuters / Yahoo
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Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 1 ...
Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
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- Commonwealth Bank - Australia
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