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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, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
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