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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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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Australian Coal Association
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