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.
|
|
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
|
|
|
Showing 2476 to 2480 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
|
| |
| |
|
