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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Australian Coal Association
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
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