Category: Industries

Luhut-Musk Meeting

Luhut Binsar Pandjaitan, the most powerful cabinet member, has finally met Elon Musk at Tesla’s newly built Gigafactory in Texas, USA this week. While they’ve been communicating regularly, that’s the first meeting in persons. The meeting between two of the most influential persons is interesting for several reasons.

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A stronger iron and steel industry, but natural gas?

Indonesia, which was long a net importer of iron and steel, posted nearly US$3 billion of surplus in iron and steel (HS 72) alone in the first quarter of 2022, surged by 130% from the corresponding period of 2021. The country recorded export revenues of US$6.66 billion, expanded by 83% from the same period last year, while import increased by 58% to US$3.73 billion.

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Indonesia’s export-import in the first quarter

Indonesia booked trade surplus of US$4.53 billion last month, expanded by 18% from February, thanks to surplus in non oil and gas segment. Pretty much as predicted, the Russia-Ukraine war, which lifted oil and gas prices, led to widening of deficit by 52% year-on-year to US$2.1 billion, but the country in general gained from higher average price of thermal coal, palm oil, and industrial metals.

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IBC & PLN Build BESS

After a long silence, the Indonesia Battery Corporation (IBC) has finally started expanding its business. IBC is collaborating with the state electricity company PLN to build a Battery Energy Storage System (BESS) with a capacity of 5 megawatts (MW). The BESS development will be implemented this year. It is now entering the final stage of evaluation.

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SWG acquires Swing Indonesia

PT Surya Wicaksana Gunanusa (SWG) acquires majority shares (96.98%) of PT Swing Indonesia, a company engaged in designing and construction of water and wastewater treatment facilities, from Swing Corporation, Japan for undisclosed considerations.

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Domestic processing of natural rubber

Indonesia is the second largest producer of natural rubber in the world, but it generates substantially smaller revenues from the export market than Malaysia. In the first 10 months of 2021 alone, Malaysia recorded around US$15 billion of export revenues from natural rubber and rubber products, surged by nearly 71% from the corresponding period of 2020, driven by huge demand for latex-based goods, including medical gloves.

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Toll road projects update

Walk the talk. The government has on March 8, 2022 signed an important agreement with PT Penjaminan Infrastruktur Indonesia (PII) and PT Toll Jagat Kerthi Bali, developer of the toll road in Bali Island, which connects Gilimanuk and Mengwi. Construction of the toll road is expected to complete in November 2024, but some anticipate delays.

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The troubled projects cost Aneka Tambang dearly

State-owned mining company Aneka Tambang (ANTM) booked net profit of Rp1.86 trillion last year, jumped 62% from 2020. The company should have recorded significantly higher net profit last year without huge impairment loss from the troubled chemical grade alumina (CGA) project in Tayan, West Kalimantan.

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