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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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Sunday, 21 June 09
CHINESE MINERS SEAL THERMAL COAL DEALS WITH JAPAN AND KOREA
As the confrontation between China's power and coal enterprises become more and more serious, coal enterprises which had supposedly been in the sho ...
Sunday, 21 June 09
MERCATOR TO BUY 3 BULK VESSELS
Mercator Lines, India’s second-largest private shipping company, is expanding its capacity and is set to acquire three gearless post-Panamax b ...
Sunday, 21 June 09
COAL SCARCITY HITS BIHAR POWER PLANTS
The Rs 60,000 crore 12,500mw power projects cleared by the State Investment Planning Board (SIPB) which could change the face of Bihar if commission ...
Sunday, 21 June 09
NLC CHALKS OUT RS 40K CR INVESTMENT
Public sector mini rathna, Neyveli Lignite Corporation is in rapid expansion mode and has chalked out Rs 40,000 crore investment both in
the mining ...
Sunday, 21 June 09
TRANSPORT PROBLEMS HOLD BACK RUSSIAN COAL EXPORTS
Limited rail capacity and poor port infrastructure are frustrating the ambitions of Russia's leading coal producers to increase exports quickly to ...
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- Economic Council, Georgia
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- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
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- Binh Thuan Hamico - Vietnam
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- Siam City Cement - Thailand
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- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
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- Anglo American - United Kingdom
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- Coastal Gujarat Power Limited - India
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- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
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- Minerals Council of Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
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- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
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- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
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- Dalmia Cement Bharat India
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- Indogreen Group - Indonesia
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- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
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- Orica Australia Pty. Ltd.
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- Eastern Coal Council - USA
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- Port Waratah Coal Services - Australia
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- SMG Consultants - Indonesia
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- Maharashtra Electricity Regulatory Commission - India
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