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