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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- SMC Global Power, Philippines
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Planning Commission, India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
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