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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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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
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