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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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- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
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