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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, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- VISA Power Limited - India
- PTC India Limited - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
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