We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
|
|
|
Showing 2631 to 2635 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Planning Commission, India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
|
| |
| |
|
