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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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- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Planning Commission, India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
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