We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
|
|
|
Showing 3136 to 3140 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
|
| |
| |
|
