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.
|
|
Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
|
|
|
Showing 2656 to 2660 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
|
| |
| |
|
