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Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee, rubber, palm oil and mining products to use a letter of credit from local banks for export transactions worth more than $1 million.
The government issued the regulation in April 2009 and it was set to take effect on July 1. It was intended to support the rupiah by ensuring revenue from commodity exports was kept onshore.
The Ministry of Trade originally delayed the introduction of the regulation from Sept. 1 to Nov. 1. Implementation was subsequently postponed again, to July 1.
“Based on evaluations, the regulation is no longer needed. Thus it is canceled and will not be applied,” the ministry said in a decree signed by Trade Minister Mari Elka Pangestu last Thursday.
The current export reporting system will continue. Under the system, exporters have to submit regular reports of payments received from their overseas buyers to the Trade Ministry.
Sandiaga Uno, managing director of private equity firm Saratoga Capital and a former head of the Indonesian Young Entrepreneurs Association (Hipmi), welcomed the decision.
“I welcome the move because my colleagues, especially in small and mid-sized businesses, have been complaining about the added cost it would bring,” Sandiaga said. Exporters had claimed that obtaining a letter of credit would cost them 0.8 percent of the total transaction.
“We’ve been hoping for a while that it would be canceled,” Sandiaga said.
Jeffrey Mulyono, president director of coal miner PT Bhakti Energi Persada, said the requirement would have undermined normal trade practices and increased costs.
“Why do we need it since there are already standing agreements between importers and exporters?” he said. “It would have only led to an added burden for both exporters and their buyers.”
Source: The Jakarta Globe
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Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Planning Commission, India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
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