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