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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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Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
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