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.
|
|
Tuesday, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
|
|
|
Showing 3116 to 3120 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
|
| |
| |
|
