The government has finally granted Offshore North West Java (ONWJ) to state oil and gas company Pertamina (90%) and local governments of West Java province (10%). ONWJ also becomes the first major oil and gas block to implement gross split scheme. Lessons learnt?
Read MoreExtraordinary meeting of shareholders of Hanson International (MYRX) on Friday, January 13, has approved the initial public offering (IPO) of subsidiary PT Mandiri Mega Jaya (MMJ). On Wednesday (Jan 18), interestingly, Malaysian giant Sime Darby Berhad decided not to pursue the joint venture with Hanson. Two other Malaysian companies also did the same.
Read MoreSo, the government of Indonesia and investors of Masela Block (offshore Maluku) have agreed to boost natural gas production to 10.5 million tons per annum. They, however, have yet to agree on portion of gas processed into LNG and other, including petrochemicals. Looking at President Jokowi’s recent address about natural resources, the chance is big for petrochemicals.
Read MoreASX-listed Bass Strait Oil Company informed market participants this morning that PT Pertamina EP, subsidiary of state oil and gas company Pertamina, has approved the the transaction between Bass and Cooper Energy Ltd for 55% interest in the Tangai-Sukananti field in South Sumatra. This is a small field with less than 1,000 barrels of oil per day, but this might only be a start for Bass.
Read MoreIt has been a year since the investigation and inquisition into alleged corruption in PT Berdikari, related to the procurement of urea fertilizer, began. The Corruption Eradication Commission (KPK) initially named 4 suspects in the case, including Siti Marwa, the former vice president of the said State-Owned Enterprise (BUMN). Since August 2016, the trial of the suspects began. On January 17, 2017, as a result of the development of investigation, the KPK announced they had named 5 new suspects in the case, including several former officials in other BUMNs.
Read MoreThe High Prosecutor Office of Jakarta (Kejati Jakarta)’s inquisition into the allegedly fictitious credit facility offered by Bank DKI moves ahead. After more than a year has passed since the start of the investigation, the Kejati will soon transfer the docket of indictment for 3 suspects (of the six named) to the court. If there are no more suspects named by the Kejati in the case, the prosecution against the last 3 suspects will be the end of the investigation.
Read MoreMajor (ret) Agus Harimurti Yudhoyono and his running mate Sylviana Murni have been confronted with case after case. Lately, Sylviana Murni has had to face an allegation of corruption related to the construction of a mosque back that took place when she was the Mayor of Central Jakarta. Will more cases come to surface leading to the gubernatorial election day on February 15? Would these cases affect their electability?
Read MoreAs predicted, President Joko “Jokowi” Widodo chose Vice Air Marshal Hadi Tjahjanto as the new Air Force Chief of Staff (KSAU). Hadi is scheduled to be sworn in today (Jan. 18) at the State Palace as the new KSAU to replace Air Marshal Agus Supriyatna, who will soon enter his mandatory retirement age. Hadi himself has confirmed the inauguration. The question that remains is whether or not today’s promotion will be a stepping stone for Hadi to becoming the next Commander of the Indonesian Military (TNI).
Read MoreForeign investors continued selling local stocks on Tuesday (Jan 17) as they booked net sell of Rp115.3 billion yesterday, bringing year-to-date net sell to Rp1.45 trillion. This signals a bearish market as the global markets and economy are immersed in uncertainty. The composite index of the Indonesia Stock Exchange (IDX) ended down 0.06% to 5267 on Tuesday with late selling cut index’s gain during the day trading. Meanwhile the rupiah weakened further to Rp13,381 against the U.S. dollar. Trading value only reached Rp4.67 trillion, less than its average daily trading value of Rp5.25 trillion, meaning many investors opted to wait for market development. As there are no fresh catalysts or positive news in the domestic front, the political issues has become the main concern, the market sentiment and direction are mostly driven by regional and global factors.
Read MoreThe Financial Services Authority (OJK) suggested that companies across the country ought to send their listing proposal or the initial public offering (IPO) through OJK representatives offices in regional areas as no regulation requires the submission for listing shares on the Indonesia Stock Exchange (IDX) must be made through the OJK (central office) in Jakarta.
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