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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.
If you believe an article violates your rights or the rights of others, please contact us.
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Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Agrawal Coal Company - India
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