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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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Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Planning Commission, India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
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