Category: Commodities

Oil & Gas Journal

Crude oil fell 0.2% to US$58.71 per barrel on Thursday (Jan 16), falling 3.68% on a monthly basis but rising 9.12% on a yearly basis. Oil prices fell on doubts the US-China trade deal will spur world growth and boost crude demand.

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Palm Oil Journal

Crude palm oil (CPO) retreated RM43 to RM3,091 per ton for March 2020 contracts on the Bursa Malaysia Derivatives Monday (Jan 13). The commodity might remain strong this year because of supply-demand balance. Some Malaysian planters reported substantially lower FFB harvest and CPO production last month.

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What to expect from commodities in 2020? (2)

Indonesia sacrificed over US$1 billion of export revenues from nickel ores following effective implementation of export ban on January 1st. Full impact to nickel price, however, will take sometime because of relatively high inventory of nickel ores in China, which is related to aggressive export by Indonesian miners in the last three months of 2019.

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Oil & Gas Journal

Oil and gas lifting realization during 2019 only reached 1.8 million barrels of oil equivalent per day (boepd), far from the target of 2.02 million boepd set by the government. The upstream oil and gas regulator (SKK Migas) said the figure was equivalent to 90.5% of the 2019 state budget target.

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Ahok in Pertamina

The former governor of Jakarta Basuki Tjahaja Purnama (Ahok) is making an imprint in PT Pertamina. Ever since he’s made President Commissioner of the state-owned giant, many wondered whether he’d be able to do anything with an oversight role. So we spoke to some of our contacts in Pertamina to get a glimpse of Ahok’s influence. 

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Rokan Block Transition

The Ministry of Energy and Mineral Resources (ESDM) asked PT Pertamina (Persero) to expedite the takeover of the Rokan Block management from PT Chevron Pacific Indonesia. It’s a serious matter given that the President has made it clear that Indonesia must do better with its oil production. The hope is that Pertamina will be able to manage so that it could begin drilling in Rokan in the third quarter of 2020. 

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Get Serious on Natural Gas Development!

President Joko ‘Jokowi’ Widodo urged ministers to immediately cut natural gas price for domestic industries. While this might be a boost to manufacturers in the short-term, the country is confronting with a medium-long term challenge due to lack of development in the upstream sector of natural gas exploration and production.

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MIND ID in 2020

After the acquisition of 51 percent of PT Freeport Indonesia, the State-Owned Enterprises (BUMN) Holding entity, Mining Industry Indonesia (MIND ID), is continuing with its state mission and business expansion. In 2020, MIND ID will finalize the acquisition of 20 percent of PT Vale Indonesia.

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Commodities & Indonesian Economy

Indonesian economy might be hurt by weak price of thermal coal, the largest export commodity, this year because the commodity is now traded 30% below the same period last year. Higher price of crude palm oil (CPO), the second largest export commodity, however, might partly offset the downfall in coal.

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ANTM: Arie Prabowo & Dana Amin

State-owned mining company PT Aneka Tambang Tbk has held its General Meeting of Shareholders on Dec. 19, 2019. One of the decisions made in the said meeting was that the subsidiary of PT Indonesia Asahan Alumina (INALUM) would replace its President Director Arie Prabowo Ariotedjo with Dana Amin.

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Pertamina’s Refinery Projects 

In 2014, as soon as he was elected President, Joko “Jokowi” Widodo ordered state-owned PT Pertamina to build refineries. The President recently noted the lack of progress on this front. Bear in mind that the Government also set in motion the revitalization of 4 refineries (Cilacap, Balongan, Tuban, and Duri). Out of the four mentioned, the Tuban project is the only one with a partner (Russian Rosneft). The Balongan project is still on the land procurement stage, and the Cilacap project is in limbo following Saudi Aramco’s exit. 

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