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