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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, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- The University of Queensland
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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