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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, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Australian Coal Association
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
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