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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, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Planning Commission, India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
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