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, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
|
|
|
Showing 2361 to 2365 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- The University of Queensland
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
|
| |
| |
|
