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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
|
|
|
Showing 2651 to 2655 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
|
| |
| |
|
