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