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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, 18 December 15
CHINA GROWTH SHOCK TO HIT ENERGY, SHIPPING, STEEL MOST - FITCH
Energy, shipping and steel would be the hardest-hit sectors in Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese growth, says Fitch R ...
Friday, 18 December 15
WEEKLY U.S. COAL PRODUCTION REMAINS FLAT ACROSS ALL BASINS
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 17 December 15
THE LOW DEMAND AND EXCESS COAL OUTPUT, KEEP THE FOB INDONESIA COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q1 2016 rose month on month and decline slightly week over week. For the week ended December 11, 20 ...
Thursday, 17 December 15
GLADSTONE PORT COAL RECORD LOOMING, EXPORTS UP 12% - GLADSTONE OBSERVER
COAL exports from Gladstone's port have taken a leap, with more than seven million tonnes leaving the wharves in November.
That increase i ...
Wednesday, 16 December 15
FOB RICHARDS BAY COAL SWAP SLUMP 5.5% FROM LAST MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
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- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Aditya Birla Group - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
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