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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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Tuesday, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Ministry of Transport, Egypt
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
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