We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 3096 to 3100 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
|
| |
| |
|
