President-elect Prabowo Subianto met Sultan Hassanal Bolkiah in Brunei to boost defense ties. He proposed more Brunei officers study at the Indonesian Defense University, offering programs in areas like Defense Management and Asymmetric Warfare.
Pertamina New & Renewable Energy (Pertamina NRE), a subsidiary of PT Pertamina, has formalized partnerships to advance its bioethanol initiatives. On September 5, 2024, Pertamina NRE signed agreements with PT Sinergi Gula Nusantara (SGN) and the East Nusa Tenggara (NTT) provincial administration. The collaboration with SGN includes building a bioethanol plant in East Java, utilizing molasses with a capacity of 30,000 kilo liters annually. The NTT agreement focuses on exploring bioethanol production potential from local energy crops. These efforts align with Indonesia’s energy transition goals, aiming to reduce greenhouse gas emissions and support regional development.
President-elect Prabowo Subianto met Sultan Hassanal Bolkiah in Brunei to boost defense ties. He proposed more Brunei officers study at the Indonesian Defense University, offering programs in areas like Defense Management and Asymmetric Warfare.
Policy observer Marwan Batubara has criticized the government’s proposed Power Wheeling Policy in the Renewable Energy Bill, which would allow private companies to use PT PLN’s transmission and distribution network to sell electricity. He argues that this policy, supported by recent Constitutional Court rulings, undermines state control over strategic sectors and benefits private capital at the expense of public welfare. Marwan claims it could lead to higher electricity costs for consumers, reduce PLN’s ability to subsidize poorer households, and transfer state control to private interests. He also questions the motives behind recent political changes in the Energy Ministry and calls for the new administration to reject the policy.
PT Pertamina signed four agreements at the Indonesia International Sustainability Forum (IISF) 2024 to advance climate action and energy transition. These include collaborations with Korean Maritime-Ocean University, PT Pupuk Indonesia, and POSCO on carbon capture and storage technologies.
The Indonesia Stock Exchange (BEI) announced that five companies have postponed their Initial Public Offering (IPO) plans, reducing the number of upcoming IPOs from 28 to 23. This decision follows an ongoing investigation into allegations of gratification involving BEI’s Corporate Valuation Division employees. BEI’s Director of Corporate Valuation, I Gede Nyoman Yetna, stated that the delays are due to internal factors and standard evaluations, not the investigation. The affected companies span various sectors and include small to medium-sized enterprises. Despite these delays, BEI has raised Rp5.15 trillion from 34 IPOs completed in 2024.
President Joko Widodo urged PT Vale Indonesia to expedite the completion of its HPAL nickel smelter project in Pomalaa, Southeast Sulawesi, critical for Indonesia’s electric vehicle battery supply chain. The US$4.5 billion smelter, a joint venture with Zhejiang Huayou and Ford Motor Company, is set to produce 120,000 tons of mixed hydroxide precipitate annually and aims to be operational by Q1 2026. Following a recent increase in state-owned PT Mineral Industri Indonesia’s stake in Vale to 34%, INCO President Director Febriany Eddy noted heightened government support, particularly in regulatory matters.
Coal and electric vehicle company PT TBS Energi Utama Tbk (TOBA) – which 10% of shares are owned by Coordinating Minister for Maritime Affairs and Investment Luhut Panjaitan – has allocated between US$ 50 million and US$ 60 million of capital expenditure (Capex) for the year 2023. The Capex would be allocated for the development of the new EVs and the renewable energy with its subsidiaries.
PT Bayan Resources Tbk. (BYAN) has absorbed capital expenditure (Capex) of US$ 166.2 million on the construction of a coal transport road, overland conveyor and a barge loading facility in Muara Pahu, East Kalimantan. The company seeks to increase its 2023 coal production targets to over 45 million tons, an increase compared to 2022 which was below 40 million tons.
Investment Minister/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia announced that investment realization from January to September 2022 has reached IDR 892.4 trillion – or 74.4% of the target – both foreign and direct investments. He was upbeat that his ministry could reach a targeted investment of IDR 1,200 trillion for the year 2022.
PT Galva Technologies Tbk (GLVA) has planned to allocate IDR 80 billion of Capex for 2023 to strengthen the company’s recurring income through managed services business model.
