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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, 18 March 16
DRY BULK MARKET HAS LITTLE TO LOOK FORWARD TO FROM CHINA AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s rebound is long overdue, but when it comes, it won’t be because of China’s strong demand for commodities, o ...
Friday, 18 March 16
COAL PRODUCTION IN THE UNITED STATES SLIGHTLY DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.5 million shor ...
Thursday, 17 March 16
THE PANAMAX MARKET SEEMS TO BE A BIT TOPPISH THIS WEEK - FEARNLEYS
Cape
There are challenging days with rates or less unchanged from last week; West Australia to China still below US$ 3 pmt, and Tuarao to China i ...
Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen mo ...
Tuesday, 15 March 16
PORT OF NEWCASTLE SHIPPED 12.78 MMT OF COAL IN FEBRUARY 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped AU$1,110.5 mi ...
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Showing 2516 to 2520 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
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