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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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Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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Showing 2491 to 2495 news of total 6871 |
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- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Australian Coal Association
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
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