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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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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
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