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