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.

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. 

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.

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.

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. 

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.

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.

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.