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, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
|
|
|
Showing 2671 to 2675 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
|
| |
| |
|
