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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, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
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