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.
|
|
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
|
|
|
Showing 2481 to 2485 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
|
| |
| |
|
