Oil, Gas Export Exempted from L/C Rule
1 April 2015 13:58 WIB
TEMPO.CO, Jakarta - The government has decided that the export of oil and gas requires no need for letters of credit (L/C). The mandate to have L/C for the exports of certain goods as of 1 April 2015, set by the Trade Ministry, will not be applied to oil and gas exporters.
According to Minister of Energy and Mineral Resources Sudirman Said, the use of L/C is mandated to ensure that export proceed goes to state revenue. But the government considers that the oil and gas sector transaction revenues are well recorded already.
Aside from being recorded in Bank Indonesia, oil and gas export transactions are recorded by the Special Task Force of Upstream Oil and Gas (SKK Migas).
The decision to exempt oil and gas reporters from the mandatory use of letters of credits is a correct one, says Bank Internasional Indonesia economist, Juniman. "Without the L/C, oil and gas exports have been well monitored," he said.
AYU PRIMA SANDI | PINGIT ARIA | TRI ARTINING PUTRI
