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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
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