Coal India’s fuel supply deal likely to be deferredJune 20th, 2008 - 8:23 pm ICT by IANS
Kolkata, June 20 (IANS)The proposed fuel supply agreement (FSA) between Coal India (CIL) and its customers, scheduled to be finalised June 30, may get deferred, company chairman Partha S. Bhattacharyya said here Friday. According to the agreement, if CIL fails to deliver 60 percent of supplies committed, it would invite penalty charge. Similarly, if the consumer does not take 60 percent of the coal that it places orders for, it has to pay a penalty.
CIL and coal consumers are negotiating the agreement, originally supposed to have been signed in mid-April and later deferred to June-end.
This could once again get postponed, Bhattacharyya said at a seminar here.
In his address at the same seminar, Union Minister of State for Coal Santosh Bagrodia said efforts were on to cobble together a comprehensive Indian Coal Act. “It is important to add a number of new policies to optimise coal production,” he said.
Bagrodia said there was a need to forge partnerships with the private sector for better productivity and management of coal mines.
The minister said the Planning Commission was studying a proposal for a coal regulator, as proposed by Finance Minister P. Chidambaram in his budget speech. After this is finalised, the proposal would be moved to the cabinet committee for the final go-ahead.
Bhattacharyya said CIL welcomed the move. “It is not desirable that the regulator will decide on the price. But if it does, we have no problems,” he said.
- Coal India approves supply penalty clause - Aug 07, 2012
- No final decision on fuel supply agreement: Coal India - Aug 14, 2012
- Coal India approves 80 percent trigger point for supplies - Jul 31, 2012
- Coal India board okays new fuel supply agreement model - Sep 01, 2012
- Coal may have to be imported to meet power demand - Aug 12, 2012
- Coal India to ink fuel supply pact before April 20 (Lead) - Apr 16, 2012
- Coal India to ink fuel supply pact April 20 - Apr 16, 2012
- Domestic coal prices will not fall further: Coal India - Jan 15, 2009
- PMO ensures Coal India supplies adequate to power plants - Feb 15, 2012
- Bhattacharyya resigns as Haldia Petrochemicals MD - Jun 19, 2012
- Coal India signs fuel supply agreement with NTPC - May 29, 2009
- IPO of Coal India expected by August - Feb 20, 2010
- 'More private participation needed in power distribution' - Apr 24, 2012
- 30 coal blocks start production out of 195 allocated - Aug 13, 2012
- Coal India achieves 95 percent of targetted supply to power sector - Aug 27, 2012
Tags: bhattacharyya, budget speech, cabinet committee, cil, coal act, coal consumers, coal india, coal mines, coal production, company chairman, finance minister, fsa, fuel supply, minister of state, p chidambaram, partnerships, planning commission, private sector, productivity, union minister