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Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING


Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offshore schemes, Russia's top auditing body said.

A report published on the Audit Chamber website said up to 80 percent of Russian coal exports were going through offshore firms at prices often 30 percent to 54 percent below market rates.

"As a result substantial funds raised from coal sales are accumulated on offshore firms' accounts while Russia's budget is losing a substantial part of tax revenues," the auditing chamber said in a statement.

The investigation follows criticism by Russian Prime Minister Vladimir Putin of the export policies of major Russian coal firms last year.

Putin attacked coking coal producer Mechel for its pricing policies, causing a sharp sell-off of the New York-listed stock.

Russia produced 326 million tonnes of coal last year and exported just over 100 million tonnes with Mechel, SUEK, KuzbassRazrezUgol and Raspadskaya (RASP.MM) being among top producers and exporters.

Source: Reuters
(
http://www.reuters.com/article/marketsNews/idUSL757937520090707)



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Recent News

Wednesday, 05 August 09
SMALLER DRY BULK CARRIERS TO FARE BETTER UNTIL THE END OF 2009 - SHIPPING
Marcor Shipping reported that, Smaller ship types are expected to outtake larger ones in dry bulk trade for the period until the end of the year. Th ...


Wednesday, 05 August 09
PEOPLE'S MINING SHOULD BE REGULATED UNDER RPP MINERBA
The Indonesian Institute of Science (LIPI) has called on the government to include a specific provision for people’s mining in the draft govern ...


Tuesday, 04 August 09
SRI LANKA IS LOOKING FOR 650,000 TON OF COAL NEXT YEAR FOR ITS FIRST 900 MW POWER PLANT.
COALspot.com ( Sri Lanka) : Lanka Coal Company Limited was issued a tender on 23 July 2009 to purchase 650,000 +/- 20% MT Bituminous Coal per a ...


Monday, 03 August 09
ONE YEAR CHARTER RATES FOR SUPRAMAX WAS AT AROUND USD 18,500 - VISTAAR SINGAPORE
COALspot.com (Singapore) : The freight market was flat this week with hardly any change in the BDI.The cape was up by about 4 pct and closed at 5,38 ...


Saturday, 01 August 09
APGENCO SAYS BOUGHT 500,000T MALAYSIAN COAL
The Malaysian Insider reported that, Indian state utility Andhra Pradesh Power Generation Corporation Ltd (Apgenco) has bought 500,000 tonnes of Mal ...


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