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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, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
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