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, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
|
|
|
Showing 2466 to 2470 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
|
| |
| |
|
