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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.
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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 ...
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- Cement Manufacturers Association - India
- Australian Coal Association
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- PTC India Limited - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
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