#General Corporate
Bayu Satya: From no one to global entrepreneur
Bayu Satya, a name now known as one of the leadingIndonesian entrepreneurs in the field of oil spill mitigation, started his life from scratch. Born on March 23, 1951 in Palembang, South Sumatra, Bayu grew up in a slum area.
Government seeks new investors for Tuban Grass Root Refinery project
Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia said the government is opening the opportunity for new foreign investors to invest in the Tuban Grass Root Refinery (GRR) project if Russia’s Rosneft Oil Co PJSC fails to provide clarity on its commitment to the venture.The refinery project, which involves PT Kilang Pertamina Internasional (KPI) and Rosneft, has faced setbacks partly due to geopolitical issues.“For concession holders on certain working areas, if there is no progress in certain time frame based on the regulation, there is a posibility that we will open bidding for new investors. Because it is state project, it is forbidden to slow the process,” Bahlil said on Friday, November 29, 2024.He added, however, that the government did not close the opportunity for the Russian company to continue with the project. He cited that he has met with Pertamina CEO, but they have not discussed the issue in detail.“I have set the agenda by the end of November, but Indonesia has just finished the regional elections. As chairman of a political party, I have made it clear that regional election is the first priority,” he said.The Tuban refinery, valued at approximately US$3.8 billion (Rp54.2 trillion), is designed to process 300,000 barrels of crude oil per day and produce around 30 million liters of fuel daily, including gasoline and diesel.The project has already encountered obstacles, including land acquisition, incentives, and permits, which Bahlil helped address during his tenure as Minister of Investment.Currently, PT KPI, a subsidiary of State energy compny PT Pertamina, continues to collaborate with Rosneft through PT Pertamina Rosneft Pengolahan dan Petrokimia (PRPP) to progress the project.Hermansyah of KPI confirmed that the Final Investment Decision (FID) is expected to be completed by the foiurth quarter of 2024, expediting the timeline initially set for 2025.As one of Indonesia’s largest oil refinery projects, the Tuban GRR aims to bolster domestic fuel production capacity, enhancing energy security and reducing dependence on imports.
Chandra Asri Petrochemical plant in Cilegon reaffirmed as national vital object
The government has granted the Petrochemical Plant in Ciwandan, Cilegon, Banten owned by petrochemical processing and manufacturing company PT Chandra Asri Pacific the status of National Vital Object in the Industrial Sector (OVNI), valid for five years until 2029.
ALUDI optimistic about SCF development amid economic challenges
The Indonesian Crowdfunding Service Association (ALUDI) expressed its optimism about the prospects of securities crowdfunding (SCF) in Indonesia despite global and domestic economic challenges.
Indonesia Battery Corporation to acquire 40% shares in Hyundai and LG battery plant
The Indonesia Battery Corporation (IBC) is pursuing a stake of approximately 30% to 40% in the electric vehicle battery plant jointly developed by Hyundai and LG in Karawang, West Java.
Samudera Indonesia expands its fleet, adds six new ships
Samudera Indonesia, a publicly-traded shipping company on the Indonesia Stock Exchange, has disclosed plans to expand its fleet by adding a minimum of six new ships by 2024.
Indonesian metaverse company WIR Asia expands to the Philippines with US$20 million investment
PT WIR Asia Tbk (WIRG), an Indonesian metaverse development company, is planning to invest US$20 million (approximately IDR306 billion) to expand its business in the Philippines over the next five years. The expansion will be carried out through WIR Asia subsidiary, PT Mata Nilai Republik.
Indonesia and Hong Kong ink 16 MoU on strengthening business relations
The Indonesian Government and the Hong Kong Special Administrative Region (HKSAR) has signed 16 memorandum of understanding (MoUs) to strengthen business relations between the two parties in various sectors, including finance, aviation, and technology.
Thousands of Indonesian exporters begin to move away from US Dollar, prefer local currency
Bank Indonesia has reported an increasing number of Indonesian exporters and importers abandoning the use of the US dollar for international trade transactions. Instead, these business operators are taking advantage of the local currency transaction (LCT) arrangements with four countries.
Jokowi meet with CEOs from Hong Kong companies to discuss investment opportunities and protection of Indonesians
President Joko Widodo (Jokowi) welcomed delegates of Chief Executive Officers (CEOs) from Hong Kong companies at the Presidential Palace in Jakarta on Tuesday, July 25, 2023. During the meeting, both parties discussed investment opportunities in Indonesia.
Pandemic status change bring little to no effect, economist says
The Indonesian government has officially revoked the Covid-19 pandemic status and changed it to endemic status. However, economist believed that this change will not bring any significant impact to the economy
Vale insists on becoming controlling shareholder after divestment
Indonesian Minister of Energy and Mineral Resources Arifin Tasrif stated that Vale Canada Limited (VCL) insisted on being the controlling shareholder of PT Vale Indonesia Tbk. (INCO) after the planned divestment. As previously reported, the divestment is part of the requirement to convert Vale's work contract into a special mining business permit (IUPK).