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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, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
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