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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, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- Medco Energi Mining Internasional
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
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