• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 5 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 5 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 1 hour Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 7 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 9 hours Asia Oil Refiners Mull Run Cuts With Margins At 16 yrs. Low For Season
  • 9 hours IMO2020 To scrub or not to scrub
  • 9 hours IMO 2020 could create fierce competition for scarce water resources
  • 8 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 2 hours Apple Boycott in China
  • 4 hours Prosecutors Fine Bosch 90 Million Euros For Emissions Cheating Role
  • 8 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 8 hours Why is Strait of Hormuz the World's Most Important Oil Artery
Saudi Arabia Strikes Back In Yemen

Saudi Arabia Strikes Back In Yemen

Saudi Arabia has launched an…

U.S. Energy Storage Capacity Set To Double This Year

U.S. Energy Storage Capacity Set To Double This Year

U.S. grid-connected energy storage capacity…

Adani and GVK Make $21 Billion Coal Bet as All Others Scale Down Operations

Coal is experiencing its worst slump in seven years. Yet whilst most coal mining companies are closing projects and cutting back on operations as costs continue to rise, such as Glencore Xstrata, who is cancelling projects and firing employees to cope with escalating production costs and slumping prices, GVK Group and Adani Enterprises are moving ahead with their $21 billion investments in Australia’s Galilee Basin.

The reason?

The Australian bureau has recently released a report that predicts Asian demand for coal imports to increase to 824 million tonnes a year by 2018, up from 665 million tonnes last year. China will import an extra 22% from Australia, and India an extra 83%.

GVK and Adani expect that their new coal projects will be complete in time to take full advantage of this boost in demand.

Related article: Shale Boom Sees Cheap US Coal Head to Europe and Asia

GVK, intends to have all financing in place to begin constructing it Alpha mine in the Galilee region of Queensland, with the project ready to export coal by 2017.

Adani will begin construction on the Carmichael mine, part of its $6.8 billion project in the region with coal production expected to begin by 2016.

Adani and GVK are just two of the companies planning to invest more than $32 billion on developing the Galilee basin, which covers 247,000 square miles, and contains an estimated 14 billion tonnes of coal.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News