COALspot.com keeps you connected across the coal world

Submit Your Articles
We welcome article submissions from experts in the areas of coal, mining, shipping, etc.

To Submit your article please click here.

International Energy Events


Search News
Latest CoalNews Headlines
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
Coal ExcavatorThe 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


If you believe an article violates your rights or the rights of others, please contact us.

Recent News

Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...


Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...


Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...


Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015. Accord ...


Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...


   504 505 506 507 508   
Showing 2526 to 2530 news of total 6871
News by Category
Popular News
 
Total Members : 28,700
Member
Panelist
User ID
Password
Remember Me
By logging on you accept our TERMS OF USE.
Free
Register
Forgot Password
 
Our Members Are From ...

  • Economic Council, Georgia
  • Anglo American - United Kingdom
  • Standard Chartered Bank - UAE
  • Clarksons - UK
  • Jindal Steel & Power Ltd - India
  • Xindia Steels Limited - India
  • SGS (Thailand) Limited
  • International Coal Ventures Pvt Ltd - India
  • Krishnapatnam Port Company Ltd. - India
  • Salva Resources Pvt Ltd - India
  • IEA Clean Coal Centre - UK
  • Larsen & Toubro Limited - India
  • Australian Coal Association
  • Chamber of Mines of South Africa
  • Mintek Dendrill Indonesia
  • European Bulk Services B.V. - Netherlands
  • Argus Media - Singapore
  • Noble Europe Ltd - UK
  • APGENCO India
  • Enel Italy
  • PetroVietnam Power Coal Import and Supply Company
  • Sindya Power Generating Company Private Ltd
  • Cemex - Philippines
  • GHCL Limited - India
  • ASAPP Information Group - India
  • Ministry of Transport, Egypt
  • Coastal Gujarat Power Limited - India
  • World Coal - UK
  • Lafarge - France
  • Fearnleys - India
  • IHS Mccloskey Coal Group - USA
  • Gujarat Electricity Regulatory Commission - India
  • Coal Orbis AG
  • Mitsubishi Corporation
  • Bangkok Bank PCL
  • Ernst & Young Pvt. Ltd.
  • McKinsey & Co - India
  • White Energy Company Limited
  • Mjunction Services Limited - India
  • Romanian Commodities Exchange
  • PowerSource Philippines DevCo
  • India Bulls Power Limited - India
  • Kapuas Tunggal Persada - Indonesia
  • Cebu Energy, Philippines
  • VISA Power Limited - India
  • IMC Shipping - Singapore
  • GVK Power & Infra Limited - India
  • Kaltim Prima Coal - Indonesia
  • Bangladesh Power Developement Board
  • PLN Batubara - Indonesia
  • Bank of China, Malaysia
  • Panama Canal Authority
  • Neyveli Lignite Corporation Ltd, - India
  • Sucofindo - Indonesia
  • Thai Mozambique Logistica
  • The State Trading Corporation of India Ltd
  • Maybank - Singapore
  • Grasim Industreis Ltd - India
  • ING Bank NV - Singapore
  • SASOL - South Africa
  • Savvy Resources Ltd - HongKong
  • Baramulti Group, Indonesia
  • Bukit Asam (Persero) Tbk - Indonesia
  • Karaikal Port Pvt Ltd - India
  • Pipit Mutiara Jaya. PT, Indonesia
  • PetroVietnam
  • Bahari Cakrawala Sebuku - Indonesia
  • Price Waterhouse Coopers - Russia
  • Bukit Makmur.PT - Indonesia
  • Cargill India Pvt Ltd
  • Rio Tinto Coal - Australia
  • Orica Australia Pty. Ltd.
  • Gujarat Sidhee Cement - India
  • UBS Singapore
  • PTC India Limited - India
  • Bulk Trading Sa - Switzerland
  • Banpu Public Company Limited - Thailand
  • NALCO India
  • Semirara Mining and Power Corporation, Philippines
  • Aboitiz Power Corporation - Philippines
  • Manunggal Multi Energi - Indonesia
  • Qatrana Cement - Jordan
  • Britmindo - Indonesia
  • Vitol - Bahrain
  • Kobexindo Tractors - Indoneisa
  • Indogreen Group - Indonesia
  • Coeclerici Indonesia
  • Metalloyd Limited - United Kingdom
  • Platou - Singapore
  • KPCL - India
  • Planning Commission, India
  • Australian Commodity Traders Exchange
  • Jaiprakash Power Ventures ltd
  • Independent Power Producers Association of India
  • J M Baxi & Co - India
  • Antam Resourcindo - Indonesia
  • Port Waratah Coal Services - Australia
  • Thriveni
  • Bhoruka Overseas - Indonesia
  • Lanco Infratech Ltd - India
  • U S Energy Resources
  • TNPL - India
  • Kohat Cement Company Ltd. - Pakistan
  • Cement Manufacturers Association - India
  • Chettinad Cement Corporation Ltd - India
  • Petrosea - Indonesia
  • CESC Limited - India
  • Malabar Cements Ltd - India
  • Kepco SPC Power Corporation, Philippines
  • Binh Thuan Hamico - Vietnam
  • SN Aboitiz Power Inc, Philippines
  • Moodys - Singapore
  • Adani Power Ltd - India
  • Pinang Coal Indonesia
  • Total Coal South Africa
  • Bharathi Cement Corporation - India
  • Africa Commodities Group - South Africa
  • Ceylon Electricity Board - Sri Lanka
  • Adaro Indonesia
  • Coaltrans Conferences
  • Medco Energi Mining Internasional
  • Bhushan Steel Limited - India
  • Arutmin Indonesia
  • Attock Cement Pakistan Limited
  • Jorong Barutama Greston.PT - Indonesia
  • Offshore Bulk Terminal Pte Ltd, Singapore
  • PNOC Exploration Corporation - Philippines
  • Gujarat Mineral Development Corp Ltd - India
  • London Commodity Brokers - England
  • TRAFIGURA, South Korea
  • JPMorgan - India
  • Indian Oil Corporation Limited
  • Star Paper Mills Limited - India
  • IBC Asia (S) Pte Ltd
  • Merrill Lynch Commodities Europe
  • Bukit Baiduri Energy - Indonesia
  • KPMG - USA
  • Toyota Tsusho Corporation, Japan
  • Ince & co LLP
  • Vedanta Resources Plc - India
  • Riau Bara Harum - Indonesia
  • Asian Development Bank
  • Electricity Authority, New Zealand
  • Directorate General of MIneral and Coal - Indonesia
  • Ministry of Mines - Canada
  • Indonesian Coal Mining Association
  • McConnell Dowell - Australia
  • Kideco Jaya Agung - Indonesia
  • Russian Coal LLC
  • Cosco
  • The Treasury - Australian Government
  • NTPC Limited - India
  • LBH Netherlands Bv - Netherlands
  • Geoservices-GeoAssay Lab
  • GNFC Limited - India
  • San Jose City I Power Corp, Philippines
  • Indo Tambangraya Megah - Indonesia
  • Reliance Power - India
  • Central Electricity Authority - India
  • Indika Energy - Indonesia
  • TeaM Sual Corporation - Philippines
  • Borneo Indobara - Indonesia
  • OPG Power Generation Pvt Ltd - India
  • Latin American Coal - Colombia
  • DBS Bank - Singapore
  • Barasentosa Lestari - Indonesia
  • Makarim & Taira - Indonesia
  • Essar Steel Hazira Ltd - India
  • UOB Asia (HK) Ltd
  • Power Finance Corporation Ltd., India
  • Indorama - Singapore
  • Asmin Koalindo Tuhup - Indonesia
  • Global Green Power PLC Corporation, Philippines
  • GN Power Mariveles Coal Plant, Philippines
  • Thiess Contractors Indonesia
  • PLN - Indonesia
  • Rashtriya Ispat Nigam Limited - India
  • RBS Sempra - UK
  • IOL Indonesia
  • Goldman Sachs - Singapore
  • Karbindo Abesyapradhi - Indoneisa
  • BRS Brokers - Singapore
  • TGV SRAAC LIMITED, India
  • Cigading International Bulk Terminal - Indonesia
  • Vale Mozambique
  • SMG Consultants - Indonesia
  • EIA - United States
  • Dong Bac Coal Mineral Investment Coporation - Vietnam
  • Renaissance Capital - South Africa
  • Surastha Cement
  • TANGEDCO India
  • AsiaOL BioFuels Corp., Philippines
  • Pendopo Energi Batubara - Indonesia
  • Shenhua Group - China
  • The University of Queensland
  • ETA - Dubai
  • GB Group - China
  • Indian School of Mines
  • Indian Energy Exchange, India
  • Agrawal Coal Company - India
  • Billiton Holdings Pty Ltd - Australia
  • Sarangani Energy Corporation, Philippines
  • Permata Bank - Indonesia
  • Semirara Mining Corp, Philippines
  • Bayan Resources Tbk. - Indonesia
  • Therma Luzon, Inc, Philippines
  • Sakthi Sugars Limited - India
  • Samtan Co., Ltd - South Korea
  • KOWEPO - South Korea
  • Singapore Mercantile Exchange
  • New Zealand Coal & Carbon
  • Gresik Semen - Indonesia
  • Heidelberg Cement - Germany
  • Siam City Cement PLC, Thailand
  • Shree Cement - India
  • Madhucon Powers Ltd - India
  • Eastern Energy - Thailand
  • HSBC - Hong Kong
  • GAC Shipping (India) Pvt Ltd
  • Infraline Energy - India
  • Posco Energy - South Korea
  • South Luzon Thermal Energy Corporation
  • Maharashtra Electricity Regulatory Commission - India
  • Berau Coal - Indonesia
  • Tanito Harum - Indonesia
  • Mercuria Energy - Indonesia
  • Alfred C Toepfer International GmbH - Germany
  • Bhatia International Limited - India
  • Peabody Energy - USA
  • Tata Chemicals Ltd - India
  • Vijayanagar Sugar Pvt Ltd - India
  • Straits Asia Resources Limited - Singapore
  • Humpuss - Indonesia
  • Videocon Industries ltd - India
  • Georgia Ports Authority, United States
  • Jatenergy - Australia
  • Directorate Of Revenue Intelligence - India
  • Aditya Birla Group - India
  • Iligan Light & Power Inc, Philippines
  • bp singapore
  • Deloitte Consulting - India
  • Maheswari Brothers Coal Limited - India
  • Energy Development Corp, Philippines
  • Mitra SK Pvt Ltd - India
  • Tata Power - India
  • Ind-Barath Power Infra Limited - India
  • Coalindo Energy - Indonesia
  • Platts
  • Kumho Petrochemical, South Korea
  • Eastern Coal Council - USA
  • Inco-Indonesia
  • Vizag Seaport Private Limited - India
  • Central Java Power - Indonesia
  • Interocean Group of Companies - India
  • Uttam Galva Steels Limited - India
  • CIMB Investment Bank - Malaysia
  • Intertek Mineral Services - Indonesia
  • WorleyParsons
  • Xstrata Coal
  • Truba Alam Manunggal Engineering.Tbk - Indonesia
  • Barclays Capital - USA
  • World Bank
  • Runge Indonesia
  • Trasteel International SA, Italy
  • Ministry of Finance - Indonesia
  • Coal and Oil Company - UAE
  • Asia Pacific Energy Resources Ventures Inc, Philippines
  • Japan Coal Energy Center
  • Asia Cement - Taiwan
  • KEPCO - South Korea
  • Altura Mining Limited, Indonesia
  • Marubeni Corporation - India
  • Tamil Nadu electricity Board
  • The India Cements Ltd
  • EMO - The Netherlands
  • Sree Jayajothi Cements Limited - India
  • Coal India Limited
  • Thermax Limited - India
  • ICICI Bank Limited - India
  • Global Business Power Corporation, Philippines
  • Filglen & Citicon Mining (HK) Ltd - Hong Kong
  • Kobe Steel Ltd - Japan
  • Holcim Trading Pte Ltd - Singapore
  • SUEK AG - Indonesia
  • Meralco Power Generation, Philippines
  • Sinarmas Energy and Mining - Indonesia
  • Miang Besar Coal Terminal - Indonesia
  • Freeport Indonesia
  • Parry Sugars Refinery, India
  • OCBC - Singapore
  • Cardiff University - UK
  • Kalimantan Lumbung Energi - Indonesia
  • Dalmia Cement Bharat India
  • Formosa Plastics Group - Taiwan
  • Mitsui
  • Thailand Anthracite
  • GMR Energy Limited - India
  • Dr Ramakrishna Prasad Power Pvt Ltd - India
  • Rudhra Energy - India
  • Merrill Lynch Bank
  • Orica Mining Services - Indonesia
  • Simpson Spence & Young - Indonesia
  • Inspectorate - India
  • Timah Investasi Mineral - Indoneisa
  • BNP Paribas - Singapore
  • Bank of America
  • Idemitsu - Japan
  • Mechel - Russia
  • Credit Suisse - India
  • MEC Coal - Indonesia
  • Petron Corporation, Philippines
  • Energy Link Ltd, New Zealand
  • SMC Global Power, Philippines
  • Sojitz Corporation - Japan
  • Leighton Contractors Pty Ltd - Australia
  • JPower - Japan
  • SRK Consulting
  • Wood Mackenzie - Singapore
  • Commonwealth Bank - Australia
  • Core Mineral Indonesia
  • Mercator Lines Limited - India
  • Glencore India Pvt. Ltd
  • Bank of Tokyo Mitsubishi UFJ Ltd
  • Deutsche Bank - India
  • Maersk Broker
  • Samsung - South Korea
  • Thomson Reuters GRC
  • Meenaskhi Energy Private Limited - India
  • Kartika Selabumi Mining - Indonesia
  • Ambuja Cements Ltd - India
  • Gupta Coal India Ltd
  • CoalTek, United States
  • Global Coal Blending Company Limited - Australia
  • Arch Coal - USA
  • Globalindo Alam Lestari - Indonesia
  • Sical Logistics Limited - India
  • CCIC - Indonesia
  • ACC Limited - India
  • Siam City Cement - Thailand
  • CNBM International Corporation - China
  • Carbofer General Trading SA - India
  • globalCOAL - UK
  • ANZ Bank - Australia
  • Electricity Generating Authority of Thailand
  • TNB Fuel Sdn Bhd - Malaysia
  • Edison Trading Spa - Italy
  • MS Steel International - UAE
  • Indonesia Power. PT
  • Oldendorff Carriers - Singapore
  • Parliament of New Zealand
  • Wilmar Investment Holdings
  • Maruti Cements - India
  • Minerals Council of Australia
  • Petrochimia International Co. Ltd.- Taiwan
  • Malco - India