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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- PTC India Limited - India
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