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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, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
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