By Ira A. Eddymurthy and Fransiscus Rodyanto The Indonesian Minister of Energy and Mineral Resources (MEMR) has issued MEMR Regulation No. 42 of 2017 regarding Supervision of Business Activities in the Energy and Mineral Resources Sector (MEMR 42/2017). The stated aim of MEMR 42/2017, which took effect on July 17, 2017, is to improve the … Government to Approve Corporate Actions in the Indonesian Energy Sector
The Indonesian Ministry of Trade (MOT) has issued two regulations with the goal of simplifying the licensing process for companies and reducing the amount of time they must spend on such matters. MOT Regulation No. 7/M-DAG/PER/2/2017 regarding the Third Amendment to MOT Regulation No. 36/M-DAG/PER/9/2007 regarding the Issuance of Trade Business License (MOT Reg. 7/2017) … Indonesia Takes Steps to Ease Licensing Process for Trade Companies
By Fitriana Mahiddin and Syahdan Z. Aziz Indonesia’s new Negative Investment List, as recently issued in Presidential Regulation No. 44 of 2016 regarding List of Business Fields that Are Closed and Business Fields that Are Open with Requirements in the Field of Capital Investment, stipulates the foreign shareholding limitations for various business fields. Among others, … Foreign Investment and Dispute Resolution in the Indonesian Oil and Gas Sector
By Fitriana Mahiddin and Syahdan Z. Aziz Gas transportation by pipeline in Indonesia is regulated under Government Regulation No. 36 of 2004 regarding Upstream Oil and Natural Gas Business Activities, as has been amended by Government Regulation No. 30 of 2009 (GR 36) and Ministry of Energy and Mineral Resources (MEMR) Regulation No. 19 of … Oil and Gas Transportation and Infrastructure in Indonesia
By Ira A. Eddymurthy and Maria Yudhitama Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan or OJK) has issued a regulation that requires insurance companies in Indonesia to appoint a controller by June 2017 at the latest. OJK Regulation No. 67/POJK.05/2016 regarding Business Licensing and the Organization of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and … Insurance Companies in Indonesia Must Appoint Controller
By Ira A. Eddymurthy and Maria Yudhitama The Indonesian Insurance Law (Law No. 40 of 2014 regarding Insurance) introduced a significant change regarding the shareholding composition of insurance companies. Breaking from previous policy, the Insurance Law specifically mandates that the local shareholders in an insurance company must be ultimately owned by Indonesian individuals. After the … Insurance Companies in Indonesia Must Follow Requirement on Ultimate Shareholders
Indonesia has had a bankruptcy law since 1905, when Staatsblad 1905 No. 217 juncto Staatsblad 1906 No. 348 Concerning Bankruptcy was enacted. In response to the 1997-98 Asian financial crisis, and the view that the 1905 bankruptcy law was out of date and irrelevant to modern commercial needs, the Government on April 22, 1998, issued … Recent Developments in Bankruptcy Law and Suspension of Debt Payments in Indonesia
By Fitriana Mahiddin and Syahdan Z. Aziz There are a number of rules for Production Sharing Contract (PSC) Contractors in Indonesia’s oil and gas sector, including those on the export of production, currency exchange and the transfer or disposal of development rights. Subject to obtaining requisite export approvals, a Contractor is entitled to export its production entitlement, … Restrictions on Contractors in the Indonesian Oil and Gas Sector
Bank Indonesia has refined its position regarding the exemption of a cross-border supply of services from the currency requirement, particularly in the case of a foreigner who is employed by a foreign company and seconded to an Indonesian company (Article 8.(1).b.1 of Bank Indonesia Regulation No. 17/3/PBI/2015 and Article C.3.b.1 of Bank Indonesia Circular Letter … Salaries of Foreign Workers Seconded to Indonesia
By Fitriana Mahiddin and Syahdan Z. Aziz Extracted oil and gas in Indonesia remains owned by the State until it passes the point of export or other delivery point. Thereafter, the Government is entitled to a certain percentage of the production output as apportioned under the Production Sharing Contract (PSC), as is the Contractor. Under the Oil … Indonesian Oil and Gas Sector: Role of the State
