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.
|
|
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
|
|
|
Showing 3101 to 3105 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Australian Coal Association
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- The University of Queensland
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
|
| |
| |
|
