The development of the projects that are parts of PT Pertamina’s Refining Development Masterplan Program (RDMP) has not gone forward as smoothly expected. One of the stalled projects is the upgrading of Refinery Unit IV Cilacap, for which Pertamina had signed an agreement with Saudi Aramco. Pertamina said that they are reviewing their options for the sake of accelerated development.
Read MoreWe are less than a month away from the day the General Election Commission (KPU) is set to accept the registration of party-backed regional head candidates for the 2017 simultaneous regional elections. Nevertheless, the incumbent Governor of Banten Rano Karno, who has secured PDIP’s nomination to run for his re-election in Banten’s 2017 gubernatorial race, has not yet decided on who he will have as his running mate. The clock is ticking.
Read MoreThe upcoming 2017 regional election in Maluku Tenggara Barat regency of the Province of Maluku is interesting to watch in relation to the future of the 10% participating interest (PI) for the Masela Block, and the yet-to-be-determined location for the onshore facility of the Masela Block’s giant Abadi LNG project. The current Regent of Maluku Tenggara Barat Bitzael Silvester Temmar is no longer able to run in the 2017 race. The PDIP politician has lead the regency for two periods (2007-2017). In the 2012 election, he won the race together with his running mate Petrus Paulus Werembinan Taborat. At the time, the pair was endorsed by a coalition of PDIP and Gerindra. And so the Vice Regent Petrus Paulus Werembinan Taborat is the incumbent vying to run in the 2017 race.
Read MoreThe trial of the former Head of the Specific Civil Appeals and Reconsideration Sub-Directorate in the Supreme Court (MA) Andri Tristianto Sutrisna is over. The Panel of Judges of the Corruption Court of the Central Jakarta District Court decided to sentence Andri to 9 years in prison. The trial, however, led to the introduction of many new evidence, which has moved the KPK towards conducting further investigation.
Read MoreBack in April, the Business Competition Supervisory Commission (KPPU) conducted a trial to examine allegations of cartel-like practices involving 32 feedlotter. The KPPU concluded that the 32 companies tried had deliberately conspired to influence the supply of beef and its price. Said companies were thus ordered to pay a fine to the extent of its involvement in the conspiracy. But as expected, the companies filed their objections through lawsuits in several different district courts. On these objections, the Supreme Court decided to appoint the Central Jakarta District Court as the sole district court responsible for the cases.
Read MorePlantation firm Tunas Baru Lampung (TBLA) reported a double profit growth for the first half (H1) of 2016, while revenues only rose 7% and operating profit grew by 33.6%. It booked profit attributable to equity of Rp310 billion for the period, compared to Rp147 billion profit in H1/15 period. TBLA’s net profit margin (NPM) almost doubled, reaching 10.6%, while operating profit margin (OPM) increased 24.8% to 17.2%.
Read MoreDomestic cement market grew 2.5% year-on-year to 3.6 million tons last month, thanks to strong growth outside Java as Java suffered 3.7% fall. July sales was 29% below June 2016 due to two weeks of Lebaran holidays in the month.
Read MoreThursday, August 25, was quite a promising day in the tax amnesty program when almost Rp14 trillion worth of net assets were declared by thousands of taxpayers, a record since the program was started last month.
Read MoreThis morning, Bloomberg reported, Asian stocks fell, led by shares in Japan, as investors showed a reluctance to take on risk before Federal Reserve Chair Janet Yellen’s speech this Friday. The composite index of the Indonesia Stock Exchange (IDX) gained 0.93% to close at 5,454 Thursday (August 25), regaining from losses earlier days this week.
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