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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Australian Coal Association
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
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