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