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This article also features in The Report: Indonesia 2012. Read more about this report and view purchase options in our online store.
In partnership with Lubis Santosa & Maramis, OBG takes a look at Indonesia’s legal system. Important changes include new rules on cost recovery in the hydrocarbons sector, laws on investment. This chapter includes a viewpoint from Todung Mulya Lubis, Senior Partner, Lubis Santosa & Maramis.
On June 15, 2011 the Indonesian Petroleum Association submitted to the Indonesian Supreme Court a petition for judicial review against Government Regulation Number 79 Year 2010 concerning Recoverable Operational Costs and Income Tax Treatment for the Upstream Oil and Gas Industry, because certain provisions of the regulation have seriously taken a toll on the upstream industry in Indonesia. Once enacted in December 2010, the regulation sparked a public outcry, especially within the country’s…
MINING LAW: Mining permits (IUP), Small-scale mining permits (IPR) and special mining permits (IUPK) constitute the mining permit regime under the new Law No. 4 of 2009 concerning mineral and coal mining. The mining industry is now classified into: • mineral mining, which includes radioactive mineral mining, metals mining, non-metals mining and stone quarrying; and • coal mining. Unlike its predecessor, Law No. 4 of 2009 welcomes foreign capital to enter the mining industry through…
Amidst the global economic uncertainties of late 2011, Indonesia’s fundamentals are relatively sound. Its foreign currency reserves had surged to $113.9bn as of October 2011, the Jakarta Composite Index is becoming more robust, the rupiah is fairly stable and exports are soaring. The economy registered growth of 6.5% during the third quarter of 2011, and it has been comparatively undisturbed by the economic turbulence in the EU and US. These are all key indicators of the country’s economic health,…
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