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