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