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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, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
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Showing 2611 to 2615 news of total 6871 |
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- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
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