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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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- Latin American Coal - Colombia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- The University of Queensland
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
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