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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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Friday, 24 July 09
BIG ADARO SHAREHOLDERS CREATE HOLDING COMPANY
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Friday, 24 July 09
INDIA TAKES 9 MILLION TONNES S. AFRICAN COAL JAN - JUNE
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Thursday, 23 July 09
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Thursday, 23 July 09
GUANGDONG BUYERS SET TO IMPORT 2.3 MILLION MT FROM VIETNAM - MEDIA
Several coal-consuming companies in China’s Guangdong Province, headed by Guangdong Yudean Group (Guangdong Power Generation Group), have inke ...


Thursday, 23 July 09
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