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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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Wednesday, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
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Showing 2511 to 2515 news of total 6871 |
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- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
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