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, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
|
|
|
Showing 2676 to 2680 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
|
| |
| |
|
