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.
|
|
Friday, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
|
|
|
Showing 2686 to 2690 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
|
| |
| |
|
