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.
|
|
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
|
|
|
Showing 2391 to 2395 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
|
| |
| |
|
