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