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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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Friday, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Thursday, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
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Showing 2316 to 2320 news of total 6871 |
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- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- White Energy Company Limited
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
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