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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, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
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- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
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