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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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Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Latin American Coal - Colombia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Australian Coal Association
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
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