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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
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