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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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- White Energy Company Limited
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Deloitte Consulting - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
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