Refinery Facilities Damaged by Force Majeure? Fear Not, as Affected IUPK Holders Can Now Sell Proceeds Abroad

In 2024, the Minister of Energy and Mineral Resources (“Minister”) introduced Regulation No. 6 of 2024 (“Regulation 6/2024”) on Completion of the Construction of Metal Mineral Facilities in Indonesia (“Facilities”). Broadly speaking, Regulation 6/2024 covers a wide array of aspects relating to the construction of domestic Facilities, as undertaken by holders of Mining Business Licenses  (Izin Usaha Pertambangan – “IUP”) for the production operation stage of metal minerals or by holders of Special IUP (IUP Khusus – “IUPK”) for the production operation stage of metal mineral commodities that have entered the commissioning stage.[1] It should be noted that various provisions featured under Regulation 6/2024 were summarized in the following edition of Indonesian Legal Brief (“ILB”): “Exporters Rejoice as Metal Minerals Export Ban Postponed until 1 January 2025”.