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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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Thursday, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
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