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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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Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- The University of Queensland
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
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