We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
 The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulation No. 4/2015 comes into effect from 1 April 2015.
Regulation No. 4/2015 applies to the export of the following prescribed products;
Coal
Unprocessed or partially refined Minerals including;
Iron concentrate | Copper concentrate | Lead concentrate | Zinc concentrate | Alumina | Nickel | Silver | Gold
Crude oil | Liquefied Natural Gas | Crude Palm Oil.
Once in effect, Regulation No. 4/2015 will require Indonesian exporters of the prescribed products to obtain a Letter of Credit from their product buyer for an amount equal to the value of the prescribed products sold prior to the export of the prescribed products.
The Letter of Credit must be received by an Indonesian foreign exchange bank.
The prescribed products cannot be exported without a Letter of Credit in compliance with Regulation No.4/2015.
The Minister shall appoint surveyors to confirm that a Letter of Credit has been received by the Indonesian exporter for the value of the prescribed products sold for the equivalent of (or greater than) the “world price” for the prescribed product. The surveyor shall issue a report which is to be provided to certain government agencies including Bank Indonesia and the Ministry of Finance (but not the Director General of Tax). The prescribed products cannot be exported without the surveyor’s report.
Exporters who do not comply with Regulation No.4/2015 may be subject to sanctions. The sanctions are not specified in Regulation No.4/2015 but may ultimately to suspension or revocation of their export and production licenses for ongoing violations.
Regulation No.4/2015 is subject to further implementing regulations (which have not yet been issued).
The Minister of Trade issued a similar regulation in 2009 (although the range of prescribed products included more agricultural commodities and less minerals and did not include oil & gas). The Minister of Trade revoked the regulation in 2010 stating that at that time, Indonesia’s foreign exchange reserves had improved and the regulation was no longer required.
The stated purpose of Regulation No.4/2015 is to “optimize and accurately record foreign exchange derived from exports while maintaining the stability and improvement of prices of exports”.
Regulation No.4/2015 does not include any transitional provisions so it appears actual export deliveries of prescribed products after 1 April 2015 will need to comply with the Regulation, even though the sales may be subject to a long terms sales contract entered before the enactment of Regulation No.4/2015.
Similarly, Regulation No.4/2015 requires the Letter of Credit to be issued for at least the “world price” of the prescribed product but the Regulation does not define the term “world price”.
One of the major export products subject to Regulation No.4/2015 is coal and the Government of Indonesia has its own “Indonesian Benchmark Price” for coal on which royalty is to be calculated and paid, however, it appears the pricing for coal for the purposes of Regulation No.4/2015 is “world price” and not the “Indonesian Benchmark Price”.
Regulation No.4/2015 also does not recognize that there may be many valid reasons for an exporter selling a prescribed product as less than “world price”. For example, if a buyer makes advance payments to an exporter or if a buyer commits to a long term supply contract with an exporter. (by: Philip Payne | ABNR)
Source: ABNR
About ABNR
ALI BUDIARDJO, NUGROHO, REKSODIPUTRO (ABNR) was founded in 1967 by professionals with a deep respect for the law and a keen interest in assisting clients, both foreign and domestic, to achieve their commercial goals within the Indonesian legal environment.
Ali Budiarjo, Nugroho, Reksodiputro is the exclusive member firm in Indonesia of Lex mundi - the world's leading network of independent law firms with in-depth experience in 100+ countries worldwide.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
|
|
|
Showing 3096 to 3100 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
|
| |
| |
|
