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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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Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
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