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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- PTC India Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
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