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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, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- The University of Queensland
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- White Energy Company Limited
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
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