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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
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