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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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Tuesday, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
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- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- PTC India Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
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