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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Planning Commission, India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
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