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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, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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Showing 2506 to 2510 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- PTC India Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
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