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