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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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Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
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- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
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