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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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Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
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Showing 2436 to 2440 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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