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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.
If you believe an article violates your rights or the rights of others, please contact us.
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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
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