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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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Friday, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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Showing 2486 to 2490 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Parliament of New Zealand
- The University of Queensland
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
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