#BUMN
Luhut Pandjaitan's statement on KPK's caught red-handed operation sparks controversy
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan considered the Corruption Eradication Commission (KPK)'s caught red-handed operation (OTT) has given a negative perception to the state. He said state officials were exposed to the antigraft body's caught red-handed operation because the state has not utilized the digital system to improve financial management at the regional and national levels.
Government to ban bauxite ores export starting June 2023
President Joko "Jokowi" Widodo announced that Indonesia would start banning the export of bauxite ores starting June 2023 to encourage the development of bauxite processing and refining industry at home. His statement came days after Indonesia filed an expected appeal against a World Trade Organization (WTO) panel ruling that was in favor of the European Union (EU) in a dispute over the ban on nickel ore exports.
Pertamina Hulu Energy, Pertamina Geothermal Energy to go public
The Ministry of State-Owned Enterprises has planned to launch an IPO for two state oil and gas giant PT Pertamina's subsidiaries, namely PT Pertamina Hulu Energy (PHE) and PT Pertamina Geothermal Energy (PGE).
Ministries have split opinions on Freeport smelter progress and export tax reduction
Gold and copper mining giant PT Freeport Indonesia (PTFI) has yet to receive export tax reduction for their copper concentrate export as Indonesian ministers have not agreed on the percentage of the company's smelter progress in Gresik, East Java.
Garuda Indonesia’s debt problem
In accordance with the specific nature of the establishment of Flight Navigation Service Organizing Agency (LPPNPI) - where income is only based on revenue from the cost of Aviation Navigation Services/PJNP (single revenue) - the availability of periodic cash inflows is very important for investment financing (rejuvenation and modernization of flight navigation aids), the accuracy of equipment performance navigation (calibration) and reliability of human resources (license and certification).
Pertamina restructuring implementation
Some of the benefits that can be achieved with the restructuring of Pertamina are simplification of the investment approval chain so that investment decisions can be accelerated while still paying attention to governance. Implementation of Restructuring simplifies investment decision-making from 9 to 2 steps where Holding, Sub Holding, and Subsidiaries are jointly involved from the beginning of the investment proposal.
One strategy to avoid the government's subsidy burden will be to raise fuel prices
The energy subsidy scheme, which is right on target for the community group, cannot be pushed through because the government's subsidy burden will continue to grow and burden state finances. The magnitude of community-subsidized fuel consumption may be caused by the current subsidy mechanism being open and applied to energy products. "This means that anyone can access the subsidized fuel without restriction," said Bank Permata Chief Economist Josua Pardede in a statement in Jakarta on Tuesday, August 30th.
SOEs' subsidiaries continued to be IPOed, privatized amidst controversy
Several Indonesian state-owned enterprises (SEO) will go public in the next few years, according to a senior official. These SEOs include Inalum Operating, a subsidiary of state-owned mining company MIND ID, PT Pertamina Bina Medika (Pertamedika IHC), Pertamina Geothermal Energy, and several subsidiaries of Indonesia's state-run telecommunications company PT Telkom.
Indonesia-Nigeria: A Man Behind The Strategic Collaboration
In order progressively to replace its Iranian crude suppliers – permanently in conflict with the U.S. – the Indonesian oil company Pertamina, decided to buy its crude from Nigerian National Petroleum Corporation (NNPC).