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, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
|
|
|
Showing 2471 to 2475 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
|
| |
| |
|
