We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
|
|
|
Showing 2466 to 2470 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
|
| |
| |
|
