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