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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, 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 ...
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Showing 2526 to 2530 news of total 6871 |
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- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
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