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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, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
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