Category: Commodities
Oil & Gas Journal
The new administration will inherit an enlarged deficit in oil and gas. In the first two months of 2024, the deficit expanded by 15.9% to US$3.06 billion as export declined 2.24%, while import increased by 10.4% from the corresponding period last year. It is a big test for Prabowo Subianto to deliver his campaign promises to stop import petroleum fuel.
Read MoreAneka Tambang: Irony of Jokowi’s Nickel Downstream
State nickel producer Aneka Tambang (ANTM), suffered from fraud and corruption cases in the past few years, sets a ferronickel production target of 22,464 tons this year, an increase of 5% from the unaudited realized output last year.
Read MoreRevisiting Dato Low’s Bayan
Bayan Resources (BYAN), coal miner controlled by tycoon Low Tuck Kwong, paid out US$1.8 billion of cash dividends last year, surged by 80% from 2022, making Dato’ Low as among the cash richest persons in the country. Payments to the State (tax and royalties), unfortunately, increased only by 22.5% to US$1.15 billion.
Read MoreCepsa expands partnership with Indonesian palm giants
Cepsa and Bio-Oils, subsidiaries of Apical (controlled by Sukanto Tanoto), are starting construction of the largest second generation (2G) biofuels by constructing the largest plant in southern Europe.
Read MoreNickel Journal
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif said he had agreed the divestment price value for 14% shares of Nickel producer Vale Indonesia (INCO) at around Rp3,000 per share, below current market price or a discount price. INCO was traded at Rp3,690 on Friday last week (February 16), dropped 7.75%, to make market capitalization of Rp36.67 trillion.
Read MoreKPPU Investigation on Hardaya Inti Plantations
The Business Competition Supervisory Commission (KPPU) under new leadership finally held its first Commission Council Session this week. The case examined in the trial was an alleged violation related to the Implementation of the Partnership between PT Hardaya Inti Plantations (PT HIP) and the Amanah Plasma Farming Cooperative Union (Koptan Amanah). PT HIP is part of the Hardaya Inti or Central Cipta Murdaya (CCM) Group, controlled by Murdaya Poo and Siti Hartati Murdaya.
Read MoreKPK Supervision in the Mineral and Coal Sector
At the beginning of this week, the Ministry of Energy and Mineral Resources announced the auction winners for a number of WIUP Blocks. This is the result of two rounds of auctions held since last year. Interestingly, as soon as the announcement was made, the Corruption Eradication Commission (KPK) immediately highlighted the process.
Read MoreWhy Jokowi’s Team (Prabowo-Gibran) getting emotional on LFP vs nickel? (3)
So, coordinating minister for the economy Airlangga Hartarto, who is chairman of Golkar Party, has become the first owner of Chery Omoda E5 in Indonesia. Airlangga, main supporter of Prabowo-Gibran, stated that the EV uses nickel-based battery. Zeng Shuo, assistant vice president of PT Chery Sales Indonesia, distributor of Omoda E5, however, dismissed Airlangga’s claim saying the EV uses LFP battery instead.
Read MoreCorruption on Tin Trading System
The Attorney General’s Office (AGO) has been investigating allegations of corruption related to the tin trading system carried out in the Mining Business License (IUP) area owned by PT Timah Tbk (TINS) since October last year. Far from media coverage, last week, the institution announced it had expanded its investigation and named a suspect in the alleged obstruction of justice. This week, the AGO finally announced that it had named two suspects in the predicate crime, one of whom is a relative to the initial suspect. This case allegedly involves at least five tin processing companies in the area.
Read MoreThe New KPPU : On Competition in the Aviation Fuel Business
Within less than a month after being officially appointed, nine commissioners of the Business Competition Supervisory Commission (KPPU) for the 2023 – 2028 term of office have started working. The commission recently published their initiative to achieve their work targets for the first 100 days.
Read MoreOil & Gas Journal
WTI crude futures fell further toward US$72 per barrel on Friday and are on track for an over 6% weekly drop due to fading expectations of immediate interest rate cuts in the largest global economy, influenced by U.S. jobs data, Tradingeconomics.com reported. Indonesia, meanwhile, is set to record highest investment commitment in the past seven years.
Read MoreThohir talks about green energy, sugar-to-ethanol is the solution?
Erick Thohir, minister of state-owned enterprises, who formally has joined the campaign of Prabowo-Gibran, talked a lot about green energy and greenflation recently. On Saturday, Feb 3, Thohir, whose brother Boy Thohir generates most wealth from thermal coal, said one of the solutions to boost Indonesia’s energy sufficiency is by developing ethanol from sugar. Seriously?
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