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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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- Economic Council, Georgia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Wilmar Investment Holdings
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
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