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Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee, rubber, palm oil and mining products to use a letter of credit from local banks for export transactions worth more than $1 million.
The government issued the regulation in April 2009 and it was set to take effect on July 1. It was intended to support the rupiah by ensuring revenue from commodity exports was kept onshore.
The Ministry of Trade originally delayed the introduction of the regulation from Sept. 1 to Nov. 1. Implementation was subsequently postponed again, to July 1.
“Based on evaluations, the regulation is no longer needed. Thus it is canceled and will not be applied,” the ministry said in a decree signed by Trade Minister Mari Elka Pangestu last Thursday.
The current export reporting system will continue. Under the system, exporters have to submit regular reports of payments received from their overseas buyers to the Trade Ministry.
Sandiaga Uno, managing director of private equity firm Saratoga Capital and a former head of the Indonesian Young Entrepreneurs Association (Hipmi), welcomed the decision.
“I welcome the move because my colleagues, especially in small and mid-sized businesses, have been complaining about the added cost it would bring,” Sandiaga said. Exporters had claimed that obtaining a letter of credit would cost them 0.8 percent of the total transaction.
“We’ve been hoping for a while that it would be canceled,” Sandiaga said.
Jeffrey Mulyono, president director of coal miner PT Bhakti Energi Persada, said the requirement would have undermined normal trade practices and increased costs.
“Why do we need it since there are already standing agreements between importers and exporters?” he said. “It would have only led to an added burden for both exporters and their buyers.”
Source: The Jakarta Globe
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Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
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