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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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Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
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- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Siam City Cement - Thailand
- The University of Queensland
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
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