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.
|
|
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
|
|
|
Showing 2341 to 2345 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
|
| |
| |
|
