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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, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
Wednesday, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
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Showing 2411 to 2415 news of total 6871 |
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- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
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