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.
|
|
Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
|
|
|
Showing 2346 to 2350 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Posco Energy - South Korea
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Deloitte Consulting - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
|
| |
| |
|
