Energy Industry in Indonesia & World’s Renewable Energy

Energy Industry in Indonesia & World’s Renewable Energy
by: Sando Sasako
Jakarta, 20 July 2016
Last Update: 1 September 2016 03:36:21

This book is a part of an on-going research on energy business in Indonesia, including a near exhaustive profile of renewable energy in the world and its increasing trends.
This book is available on a print-on-demand basis.

You may reach the publisher for demo request, inquiries, and purchase order from this number:
+62 851 0518 7118.


This book is available on a print-on-demand basis.

The flip-book version is for browsing demo purpose only and available only to be served in Greater Jakarta, Indonesia.


Coal Mining Business in Indonesia July 2016
http://bit.ly/2bFzmtz


PT Borneo Lumbung Energi Metal Tbk: On the Road to Recovery
http://bit.ly/2bU9DiP


Krisis Finansil Cina: Perspektif Kebijakan Moneter, Corporate Finance (Analisa Laporan Keuangan), dan Investment Banking (Valuasi Nilai)
http://bit.ly/29FtUbw



Contents

Foreword in Coal Mining Business in Indonesia iii
Foreword in PT Borneo Lumbung Energi & Metal Tbk: On the Road to Recovery v

Contents vii
List of Tables xiii
List of Figures xv

Why do we need renewables? 1
Lesser Lead Times 2
Higher Capital Recovery 3
Increased Trends in Renewable Power Generation 5
Shifting costs to use renewables 9

Share of Renewables Consumption 10
Total Energy Consumption 12
Renewable Energy Applications 13
Renewables vs Non-Renewables 14
Why Liquid Fuels Matter 16
Energy Industry Defined 18
Forms of Energy 19
Investments in Renewables 21
Capacity in Renewable Energy 23
Renewable Electricity 24
Capacity in Renewable Electricity 28

Energy Technology Costs 31

Supports to Renewable Energy Industry 35

Input and Output in Energy Industry 38

Global Trends in Energy Industry 44
The Saudi Factor 44
The Revolutionary US Shale 46

Global Coal Trends 49
Fracking Coalmines 50
Coal Gasification 51
Underground Coal Gasification 54
Kincardine UCG, Scotland, UK 55
Raven and Hat Creek Coalfield, BC, Canada 58

Global Warming or Global Heating 60
Greenhouse Gas 62
CO2 as One of GHGs 64
Oxygen Carriers 65
CO2 Recovery 67

Underwater Coalmines 68
Hashima Coal Mine, Japan 69
Okinoyama Coal Mine, Japan 70
Beizao Coal Mine, China 70
Bomlo Coal Mine, Norway 72
Cape Breton Coal Mines, Nova Scotia, Canada 74
Solway Coal Mines, Cumbria, UK 78
North Sea Coal Mines, NE England 79
Forth Coal Mines, Scotland, UK 80
The End of Deep Coal Mines in the UK 81

Energy Business in Indonesia in a brief 85

Oil 86
Oil Infrastructure 87
Oil Production 88

Gas 89
Chemical Characteristics of Gas 92
Liquefied Natural Gas 92
Liquefied Petroleum Gas 97

Coal-Bed Methane 101
The Milestone of CBM Commercialisation 103
CBM Asia @ Kutai West PSC 104
Dart Energy & IGas 106
Dart Energy & NuEnergy 107

Coal 115
History of Coal Business in Indonesia 120
Regulatory Frameworks 123
The Dutch Colonialism 123
The Mining Law of 1967 123
The Production Sharing Contract in Coal Mining of 1975 125
The Coal Contract of Work of 1981 125
Forced Localisation 126

Issues on Enviromental and Decentralisation 128
Ministerial Regulations (Permen ESDM) 129
Ministerial Decrees (Kepmen ESDM) 131

Clean and Clear: The Causes 134
The Non-CNC Status 136
Unclear DMO System 139
Forestry Land Use Permit 143
Korsup Minerba 144

CCoW Companies: The First Generations 147
BHP Kendilo Coal Indonesia 152
BHP Businesses in Indonesia 154
Rio Tinto 154
Tata Power 155
Arutmin Indonesia 157
Kaltim Prima Coal 157
Bumi Resources 159
The IndoCoal Deals 159

Borneo Lumbung Energi & Metal 162
Has Samin Tan lost his bets in Bumi plc and BORN? 162
The Company Named Borneo Lumbung Energi 163
The Road to Highly Indebted BORN 165
The Awkward and Ugliness in 2011 168
The Teasing Dreams and Illusion of Interest in Bumi plc 172
The $1b Debt Traps for Lending Stanchart and Borrowing BORN 174
The End of Bumi plc 176
Tony Blair 177
REDD+ 178
Heart of Borneo 179
Samin Tan 180
Recapital Advisors 181
Borneo Lumbung Energi and Energi Megah Persada 182

Borneo Lumbung Energi & Metal: The Brief Profile 184
Shareholders 184
Management 185
Related Parties and Financial Transactions 186
Third Parties & Transaction Types 188
IPO Proceeds 190
Financials 191
Surviving on Debt Burdens, Theoretically 191
The Walk-Through 194
The Road So Far 195
Troubles with the Crown Jewel Holding the Bargain Chip 196

Asmin Koalindo Tuhup 199
AKT in Brief, Legally 201
Concession Area 202
Coal Deposits 203
Mining Operations 204
Production 205
Product Specifications 206
Coal 101 206
Coking Coal Grades 208
Infrastructure 208
Transportation 209
Marketing & Sales 211
Customers 211
Management 212
Shareholders 212
Financials 213

Allied Indo Coal 215

References 217

Directory of Coal Mining Companies in Indonesia 221
Abadi Batubara Cemerlang 221
Abadi Coal Cemerlang 221
Aceh Resources and Mineral 221
Aceh Resources and Mineral Core 221
Adaro Indonesia 221
Adimas Baturaja Cemerlang 221
Allied Indo Coal , PT 222
Andhika Mutiara Etam 222
Andhika Mutiara Lestari 222
Andhika Mutiara Sejahtera 222
Antang Gunung Meratus 222
Anugerah Jatimulia 223
Anugerah Jatimulya 223
Arutmin Indonesia 223
Asmin Bara Bronang 223
Asmin Bara Jaan 223
Asmin Koalindo Tuhup 223
Astaka Dodol 224
Bahari Cakrawala Sebuku 224
Bangun Banua Persada Kalimantan 224
Bara Mutiara Prima 224
Bara Pramulya Abadi 225
Bara Sentosa Lestari 225
Bara Utama Unggul 225
Baradinamika Mudasukses 225
Baramarta, PD 225
Baramarta 225
Baramulti Sukses Sarana 226
Baramulti Suksessartana 226
Baramutiara Prima 226
Barasentosa Lestari 226
Batu Alam Selaras 226
Batubara Duaribu Abadi, PT 226
Batubara Selaras Sapta, PT 226
Baturona Adimulya 227
Benakat Energi 227
Benakat Energy 227
Bentala Coal Mining 227
Berau Coal 227
Bharinto Ekatama 227
Bima Duta Batubara Sakti 228
Borneo Bhaktibara Utama 228
Borneo Indobara 228
Buana Bara Utama 228
Bukit Baiduri Enterprises 228
Bukit Sunur 229
Bumi Laksana Perkasa 229
Bumi Panen Sukses 229
Bumi Sukse Mandiri 229
Buntok Perdana Coal Mining 229
Calicari 229
Coal Duaribu Abadi 229
Coal Selaras Sapta 230
Danau Mas Hitam 230
Daya Lapan 230
Delma Mining Corporation 230
Dhamar Tejokencono 230
Dharma Puspita Mining 230
Dutaputra Tanaratama 231
Ekasatya Yanatama 231
Energi Batubara Sumatera 231
Energy Batubara Sumatra 231
Fajar Bumi Sakti 231
Firman Ketaun Perkasa 231
Galicari 231
General Sakti Kreasindo 232
Generalindo Prima Coal 232
Gunung Bayan Pratama 232
Gunung Bayan Pratama Coal 232
Hulubalang Inti Bumi 232
Indexim Coalindo 232
Indominco Mandiri 233
Insani Bara Perkasa 233
Interex Sacra Raya 233
Intitirta Prima Sakti 233
Intitirta Primasakti 234
Jorong Barutama Greston 234
Juloi Coal 234
Kadya Caraka Mulia 234
Kalimantan Energi Lestari 234
Kalteng Coal 235
Kaltim Prima Coal 235
Kartika Selabumi Mining 235
Karunia Poladaya Bumi 235
Karya Bumi Baratama 235
Kendilo Coal Indonesia 236
BHP Kendilo Coal Indonesia 236
Kideco Jaya Agung 236
Kitadin 236
Kodeco Horna Mandiri 236
Kurnia Sarana Lestari 236
Kutai Kertanegara Prima Coal 236
Lahai Coal 237
Lanna Harita Indonesia 237
Lianganggang Cemerlang 237
Mahakam Sumber Jaya 237
Mandiri Intiperkasa 237
Mantimin Coal Mining 238
Marunda Graha Mineral 238
Marunda Grahamineral 238
Maruwai Coal 238
Maruai Coal 238
Meulaboh Energitama 238
Meullaboho Energitama 239
Mitrajaya Timuragung 239
Multi Harapan Utama 239
Multi Tambangjaya Utama 239
Nusa Minera Utama 239
Nusantara Termal Coal (D/A Nusantara Thai Coal) 240
Nusantara Thai Coal 240
Pari Coal 240
Pendopo Energi Coal 240
Pendopo Energy Batubara 240
Perkasa Inakakerta 240
Persada Permata Mulya 241
Persada Permata Mulia 241
Pesona Khatulistiwa Nusantara 241
Pinang Jaya Sarana Bara 241
Pinangjaya Sarana Bara 241
Ramdany Coal Mining 241
Ratah Coal 241
Restubara Karya Pratama 242
Riau Bara Harum 242
Salamindo Coalindo 242
Salamindo Pahala 242
Santan Coal 242
Santan Batubara 242
Sarwa Sembada Karya Bumi 242
Selatan Selabara 243
Selo Argodedali 243
Selo Argokencono Sakti 243
Senamas Energindo Mulya 243
Senamas Energindo Mulia 243
Sinar Benua Prima 244
Sinarindo Barakarya 244
Singlurus Pratama 244
Solok Bara Adipratama 244
Sumber Barito Coal 244
Sumber Kurnia Buana 245
Suprabari Mapanindo Mineral 245
Tambang Damai 245
Tanito Harum 245
Tanjung Alam Jaya 246
Tanjung Alam Raya 246
Taraco Mining 246
Teguh Persada Coal 246
Teguh Reksa Daya 246
Teguh Sinar Abadi 246
Tempayang Cemerlang 247
Timah Batubara Utama 247
Torah Antareja Mining 247
Trimarta Coal Perkasa 247
Trimata Buana 247
Trimata Benua 247
Trimata Coal Perkasa 248
Trubaindo Coal Mining 248
Wadung Mas Tambang Mulia 248
Wadungmas Tambang Mulia 248
Wahana Baratama Mining 248
Whirakaneo Coalindo 248
Whiratama Bina Perkasa 248
Yamabhumi Palaka 249

List of Tables

Table 1 – World primary energy demand by fuel and scenario (Mtoe) 10
Table 2 – World renewables consumption by scenario 11
Table 3 – Share of global final energy consumption by end-use, 2014 13
Table 4 – Distributed renewable energy for productive energy services and economic development 14
Table 5 – Energy characteristics of energy-intensive industries, 2013 19
Table 6 – Forms of energy 19
Table 7 – Energy units with conversion factors and energy equivalents 20
Table 8 – Energy conversion efficiencies 21
Table 9 – Global trends in renewable energy new investment by technology, 2004-2014 (US$ bn) 21
Table 10 – Renewable energy indicator, 2014 22
Table 11 – Global trends in renewable energy new investment by stage, 2004-2014 (US$ bn) 23
Table 12 – Global renewable energy capacity and biofuel production, 2014 23
Table 13 – Top-5 countries in annual investment / net capacity additions / production, 2014 24
Table 14 – World electricity generation by source and scenario (TWh) 25
Table 15 – Power system flexibility options and characteristics 27
Table 16 – Renewable electric power global capacity, top regions/countries, 2014 (GW) 29
Table 17 – Top-5 countries in total capacity or generation as of end-2014 30
Table 18 – Status of renewable technologies: characteristics and costs in power generation and hot water/heating/cooling 33
Table 19 – Status of renewable technologies: characteristics and costs: Distributed renewable energy in developing countries 34
Table 20 – Status of renewable technologies: characteristics and costs: Transport fuels 35
Table 21 – Relevant comparisons for evaluating competitiveness of renewable energy technologies by scale and role played 36
Table 22 – Coal In-Place Resources for Upper Limestone Fm + Limestone Coal Fm, Kincardine, Nov.2014 56
Table 23 – Coal In-Place Resources for Upper Limestone Fm, Kincardine, Nov.2014 56
Table 24 – Coal In-Place Resources for Limestone Coal Fm, Kincardine, Nov.2014 56
Table 25 – Coal In-Place Resources, Kincardine, Nov.2014 57
Table 26 – Estimates of trace chemicals abundance in the global atmosphere, 1980. 64
Table 27 – Overview of existing chemical-looping combustors 67
Table 28 – Some undersea coalmines in Solway Firth, Cumbria, UK 78
Table 29 – Oil refineries in Indonesia, 2014 87
Table 30 – Crude oil supply and demand in Indonesia, 2000-2014 89
Table 31 – Crude oil refinery production in Indonesia, 2000-2014 89
Table 32 – Natural gas production in Indonesia, 2000-2014 90
Table 33 – LNG Plants in Indonesia 93
Table 34 – Regasification terminals in Indonesia, existing and planned, 2014 94
Table 35 – LPG supply and sales in Indonesia, 2000-2014 97
Table 36 – CBM Resources in Indonesia 101
Table 37 – The 20 largest shareholders of Dart Energy Limited, 20100914 106
Table 38 – Some subsidiaries of IGas which were held through subsidiaries, 30 June 2015 107
Table 39 – Coal reserves in Indonesia, 2014 116
Table 40 – Coal supply in Indonesia, 2000-2014 117
Table 41 – Existing coal terminals in Indonesia 118
Table 42 – Coal mining companies in Indonesia by permits, March 2015 120
Table 43 – CNC status of IUP by announcements, 20110630-20160104 135
Table 44 – Problems of Non-CNC IUPs by category and regions, 20140203 136
Table 45 – Clean and Clear IUPs by province, 2014 – April 2016 138
Table 46 – Coal Domestic Market Obligations in Indonesia, 2010-2015 139
Table 47 – Coal Domestic Market Obligations in Indonesia, by CCoW and KP/IUP companies, 20100419-20150427 (mt) 141
Table 48 – Overlay of IUP, COW, and PKP2B with Forest Area Map and IPPKH 143
Table 49 – IUP within conservation forests in 12 provinces, 2014-2015 143
Table 50 – The First Generation CCoW Companies: The dates, area, and resources/reserves 147
Table 51 – The second generation of CCoW Companies: 17 of 19 147
Table 52 – Coal produced from Kalimantan, 1997-2000 (1000 ton) 148
Table 53 – The third generation of CCoW Companies: 106 of 114 149
Table 54 – Coal production from CCoW companies, 2005-2012 (1,000 ton) 151
Table 55 – Financial profile of 3 direct subsidiaries of Tata Power on coal business in Indonesia, 2015q1 (₹ crore) 155
Table 56 – Subsidiaries of Tata Power related with coal mining business in Indonesia, 2015q1 (₹ crore) 155
Table 57 – Tata Power companies in Indonesia, 2015 156
Table 58 – The most vital financial figures of PT Borneo Lumbung Energi & Metal Tbk, 2006-2014q3 165
Table 59 – BORN’s debts by signing dates and terms, 2005-2010 167
Table 60 – BORN’s loans, 2007q4 -2012q1 168
Table 61 – Underwriters at BORN’s IPO 169
Table 62 – Corporate actions of Bakrie & Brothers regarding Bumi plc and BORN, late 2011 170
Table 63 – BORN’s IPO proceeds: Planned vs Reported in 2012 Annual Report (IDR mn) 170
Table 64 – Subsidiaries of Bumi plc, June 2012 173
Table 65 – ARMS company financials, 2011-2014 £(M) 177
Table 66 – BORN’s Shareholders, March 2006 – Sept. 2014 (shares) 184
Table 67 – Trading suspension dates of BORN’s stock in IDX, 20130701-20160801 184
Table 68 – BORN’s Board of Commissioners, Dec. 2007 – Sept. 2014 185
Table 69 – BORN’s Board of Directors, Dec. 2007 – Sept. 2014 185
Table 70 – Corporate Officers in BORN group of companies, 2010 186
Table 71 – Related companies of BORN and transaction types, 2011-201409 (US$) 186
Table 72 – Related companies of BORN and transaction types, 2007-2011 (IDR mn) 188
Table 73 – Third parties of BORN 188
Table 74 – BORN’s IPO underwriting fees detailed 190
Table 75 – BORN’s IPO proceeds: Planned vs Reported in 2012 Annual Report (IDR mn) 190
Table 76 – BORN’s outstanding loans, 20100630 191
Table 77 – The most vital financial figures of PT Borneo Lumbung Energi & Metal Tbk, 2006-2014q3 191
Table 78 – The financial structure of BORN (share of liabilities components to assets), 2009-2014q3 192
Table 79 – Coal mineable reserves of BORN, March 2013 (mt) 203
Table 80 – Coal resources of BORN, March 2013 (mt) 203
Table 81 – BORN’s coal deposits in Kohong and Telakong blocks, 30 June 2010 (mt) 203
Table 82 – BORN’s performance in coal productions, sales, and price, 2007-2013 205
Table 83 – Tuhup coal product specification, 30 June 2010 206
Table 84 – Grades of coking coal 208
Table 85 – Utilisation of installed capacity of BORN, 2007-2010H1 209
Table 86 – Third parties contracted in relation to barging and loading in ISP 210
Table 87 – Coal sales by marketers, 2011-2012 ($) 211
Table 88 – BORN sales by country, 2009-2013 212
Table 89 – Management Boards of Asmindo Koalindo Tuhup, 1 Sept. 2010 212
Table 90 – Changes in AKT shareholders, 1993 – 20091220 212
Table 91 – The financials of AKT acquisition in 2008 and 2012 213
Table 92 – The financials of AKT, 2007 – 2010H1 ($) 214

List of Figures

Figure 1 – Degrees of capital requirement and asset life time in oil industry 1
Figure 2 – Risk-return investment profile in oil industry 1
Figure 3 – Average lead times between final investment decision and first production for different oil resource types 2
Figure 4 – Supply response of US tight oil based on oil price in 2020. 3
Figure 5 – Cellulosic ethanol breakeven crude oil price for competitiveness with gasoline 3
Figure 6 – Components of total power generation costs, 2020 4
Figure 7 – Components of total power generation costs, 2040 4
Figure 8 – Components of electricity price, by regions and time frame 5
Figure 9 – Lowered costs in power generation by renewables 5
Figure 10 – Share of renewables consumption in sector demand, 2005-2014, and forecast to 2020 6
Figure 11 – Renewable power net additions to capacity under main and accelerated cases by countries 6
Figure 12 – Breakdown of global renewable energy use in 2010 7
Figure 13 – Primary energy generation by supply and consumption in the US, 2014 7
Figure 14 – Breakdown of global renewable energy use in 2030 8
Figure 15 – Primary energy supply and consumption in the US, 2014 8
Figure 16 – Average weighted substitution cost and benefits by sector 9
Figure 17 – Technology cost curve by primary energy source, 2030 10
Figure 18 – Renewable energy share in global energy consumption, 2013 11
Figure 19 – World energy consumption by end-use in 2012 & projection in 2040 (quadrillion Btu) 12
Figure 20 – World energy consumption by source in 2012 & projection in 2040 (quadrillion Btu) 12
Figure 21 – Conversion process from shale to fuel oil and byproducts 15
Figure 22 – Liquid fuels classified 15
Figure 23 – Trends in oil intensity and GDP per capita in selected countries and regions 17
Figure 24 – Early signs of commercialisation in the advanced biofuels sector 17
Figure 25 – World Energy Model 18
Figure 26 – Energy forms 20
Figure 27 – Global New Investment in Renewable Power and Fuels, Developed and Developing Countries, 2004–2014 22
Figure 28 – Renewable Energy Share of Global Electricity Production, End-2014 24
Figure 29 – Global renewables-based electricity generation by technology in the New Policies Scenario 25
Figure 30 – World net electricity generation by source in 2012 & projection in 2040 (trillion kWH) 25
Figure 31 – World net electricity generation from renewables by source in 2012 & projection in 2040 (trillion kWH) 26
Figure 32 – World net electricity generation from renewables by country in 2040 (billion kWH) 26
Figure 33 – Power mix of renewable electricity in 24 hours 27
Figure 34 – Natural gas prices and the share of non-hydro renewables in the US power mix 28
Figure 35 – Average Annual Growth Rates of Renewable Energy Capacity and Biofuels Production, End-2009–2014 29
Figure 36 – Renewable Power Capacities* in World, EU-28, BRICS, and Top Seven Countries, 2014 30
Figure 37 – Energy-related CO2 emissions and economic growth, 2005-2014 31
Figure 38 – World energy-related carbon dioxide emissions (billion metric tons) 31
Figure 39 – Evolution of energy technology costs per unit in the New Policies Scenario, 2014-2040 32
Figure 40 – Extent of global mandatory efficiency regulation of final energy consumption by sector and region 35
Figure 41 – Enabling policy in supporting the renewable energy industry 36
Figure 42 – Milestones on the road to competitiveness for renewables 37
Figure 43 – Energy input–output cross-paths from primary sources to consumption sectors and energy losses. 38
Figure 44 – US energy use, 2014, The Sankey Diagram of energy resources (left) flow to end-use sectors (right) 39
Figure 45 – US Primary Energy Consumption by Source and Sector, 2014 39
Figure 46 – U.S. Energy Flow, 2014 (Quadrillion Btu) 40
Figure 47 – World energy demand by fuel and sector in the New Policies Scenario, 2040 (Mtoe) 41
Figure 48 – Power generation by fuel and demand by sector in the US (TWh) 42
Figure 49 – Power generation by fuel and demand by sector in the EU (TWh) 42
Figure 50 – Power generation by fuel and demand by sector in China (TWh) 43
Figure 51 – Power generation by fuel and demand by sector in India (TWh) 43
Figure 52 – Potential future global oil projects by average breakeven prices 46
Figure 53 – Various technologies implemented during power generation process 51
Figure 54 – Some chemical reactions in converting syngas 52
Figure 55 – Some routes of coal to chemicals from methane via syngas 52
Figure 56 – Coal cycle and its derived products schematics, from liquid (CTL), to gas (CTG), and chemicals (CTC) 53
Figure 57 – Potential UCG in the UK, 2004 54
Figure 58 – Kincardine UGC project area of interest, 20141105 56
Figure 59 – Kincardine UCG licenses in the Firth of Forth, 20150402. 57
Figure 60 – Kincardine area of interest in Midland Valley of Scotland, 20141105 58
Figure 61 – Coalmines in British Columbia, Canada 59
Figure 62 – Selected significant climate anomalies and events, July 2016 60
Figure 63 – Earth’s Annual Global Mean Energy Budget, July 1987 – Dec. 1988 61
Figure 64 – Earth’s Global Energy Budget, March 2000 – March 2004 61
Figure 65 – Monthly mean atmospheric carbon dioxide at Mauna Loa Observatory, Hawaii, March 1958 – July 2016 (ppm) 65
Figure 66 – Oxygen transport capability of different MeO/Me systems. 66
Figure 67 – The effective aquifuge in Beizao Coalmine 71
Figure 68 – TBU Underwater coal mining in The Baltic Union 72
Figure 69 – TBU Coal Island 73
Figure 70 – TBU Sandisle structure 73
Figure 71 – Coal mines in Nova Scotia, Canada 75
Figure 72 – Donkin coal resource block 75
Figure 73 – Solway Firth, Irish Sea, UK 78
Figure 74 – The map of Tynemouth-Boldon-Sunderland, NE England 80
Figure 75 – Deep coal mining closures in the UK, 2010-2015 82
Figure 76 – Deep coal mining closures in the UK, 1960-1969 82
Figure 77 – Onshore coal distribution in the UK by depth, 2014 83
Figure 78 – Oil reserves in Indonesia, 2014 86
Figure 79 – Installed capacity of oil refineries in Indonesia, 2014 88
Figure 80 – Natural gas reserves in Indonesia, 2014 90
Figure 81 – LNG plants in Indonesia, 2015 93
Figure 82 – LNG plants infrastructure in Indonesia, 2015 94
Figure 83 – LNG Applications 95
Figure 84 – Gas transmission and distribution in Indonesia, 2010-2025 96
Figure 85 – Bottling plants of LPG in Indonesia, 2015 99
Figure 86 – LPG supply scheme from import and 3 PSCs to 3 main terminals 100
Figure 87 – CBM Basins in Indonesia 101
Figure 88 – Coal bed methane (CBM) resources in Indonesia, 2010 102
Figure 89 – CBM PSC terms in Indonesia 102
Figure 90 – Some CBM PSCs in East Kalimantan 105
Figure 91 – CBM basin in South Sumatera, Nov. 2011 108
Figure 92 – Tanjung Enim CBM PSC 109
Figure 93 – Muralim CBM PSC 110
Figure 94 – Sangatta West CBM PSC 112
Figure 95 – The CBM PSCs of NuEnergy in Sumatera 113
Figure 96 – Gasification-based system concepts 115
Figure 97 – Gasification chemistry 115
Figure 98 – Coal distribution in Indonesia by calory class, 2014 116
Figure 99 – Supply and export of Indonesian coal, 1997-2014 117
Figure 100 – Export share over coal production in top producing countries 117
Figure 101 – Coal seaports in Indonesia, 2015 119
Figure 102 – UK banks involvement in Indonesian coal companies 120
Figure 103 – Mining permits in Indonesia, 20140203 121
Figure 104 – Mining problems in Indonesia, 20140203 134
Figure 105 – JORC’s general relationship between exploration results, mineral resources, and ore reserves 134
Figure 106 – Problems of Non-Clean & Clear Status of IUPs classified and mapped 137
Figure 107 – Adding value to the coal by implementing clean coal technology 139
Figure 108 – Coal DMO mechanism in Indonesia 140
Figure 109 – Monitoring and reporting system on the implementation of coal DMO mechanism in Indonesia 141
Figure 110 – Clean & Clear Status of IUPs, May 2011 – April 2016 144
Figure 111 – The mechanics of $600m structure finance (fixed rate note) of IndoCoal in 2005 160
Figure 112 – The mechanics of unrated $900m structured export notes (FRN) of IndoCoal in 2006 160
Figure 113 – Share price of Vallar plc, Bumi plc, and Asia Resource Minerals plc, 9 July 2010 – 10 August 2015 162
Figure 114 – The owners of BLE 164
Figure 115 – The net debt maturities of PT Borneo Lumbung Energi & Metal Tbk, 2012q1 165
Figure 116 – The debt burdens of PT Borneo Lumbung Energi & Metal Tbk, 2012q1 165
Figure 117 – The flows of debts and stakes within companies related with PT Borneo Lumbung Energi & Metal Tbk (BORN), Nov.2010 166
Figure 118 – The interests of BNBR and LHHL in Bumi plc, December 2011 171
Figure 119 – The interests of BORN and Samin Tan in Bumi plc, June 2012 172
Figure 120 – Bumi plc related companies, from shareholders to subsidiaries, June 2012 173
Figure 121 – The interests of BORN and Samin Tan in Bumi plc, prior to March 2014 175
Figure 122 – Heart of Borneo: Three countries, One conservation vision 179
Figure 123 – Transfers of $15m loan of AKT 187
Figure 124 – Transfers of $50m loan of BMS 187
Figure 125 – Transfers of $75m loan of BORN 187
Figure 126 – Transfer of advance and receivable of ETU in BMS and BORN to REM 187
Figure 127 – Classification of asset structure, financial structure, and capital structure 192
Figure 128 – AKT’s coal deposit, 200511-201109 199
Figure 129 – BORN’s coal specification, worldwide comparation 199
Figure 130 – Indonesian coal producers by mine sites 200
Figure 131 – Sea access of AKT as BORN’s asset 201
Figure 132 – The site map of Muara Tuhup and Damparan in Central Kalimantan 202
Figure 133 – Mining activities cycle of AKT 204
Figure 134 – BORN monthly production, Oct.2008 – June 2010 (000 ton) 205
Figure 135 – Coal classification by energy content 207
Figure 136 – Bulk carriers compared by size, from Handysize to Capesize 209


Coal Mining Business in Indonesia - Sando Sasako


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