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.
|
|
Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
|
|
|
Showing 2661 to 2665 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
|
| |
| |
|
