Debt Market: Soechi Lines’ US$200 Million Notes
Shareholders of Soechi Lines (SOCI), an oil shipper, are scheduled to give approval to the proposed issuance of US$200 million Notes on the Singapore Exchange (SGX) today. SOCI plans to use proceeds from the Notes to refinance its existing debentures and fund investments.
Speculation Surrounding Petrosea, Toba Bara, and ABM Investama
PT Petrosea (PTRO) Tbk, mining contracting subsidiary of Indika Energy (INDY), has just lost a significant contract. It has on May 29, 2015 received notification from PT Adimitra Baratama Nusantara, subsidiary of Toba Bara Sejahtera (TOBA), to early terminate the overburden removal contract.
Oil and Gas Journal: Targeting Rokan Block
The government pledged to give state-owned oil and gas company Pertamina first priority to manage the giant oil producing block Rokan in Riau province, whose production sharing contract (PSC) with Chevron expires in 2021. Others companies in this report: GSS Energy-AFCO, Pan Orient (Canada), Mitra Energy Ltd.
Palm Oil Journal No. 32/2015: The Rally
The benchmark August 2015 contracts of crude palm oil (CPO) advanced RM18 to RM2312 on Tuesday (June 2nd) after more than 3% gain recorded on Monday. Higher crude oil and soybean oil might have contributed to the rally.
The 35,000 MW Power Program
Some major domestic and international business players have shown their interest in the ambitious 35,000 MW program promoted by President Joko ‘Jokowi’ Widodo to be built in five years time. Almost all major coal and domestic energy producers will participate in the project.
Cakra Mineral & Cokal Acquisition
Shares of Cakra Mineral (CKRA) have surged by around 61% since early March, but with thing trading volume. The Company has since entered into some notable acquisitions. In late March, for example, the Company acquired 80% shares in PT Global Kalimantan Mining.
Commodities to Watch
WTI crude oil jumped 4.31% to US$60.52 per barrel on Nymex Friday (May 29), lifting other commodities, including natural gas, precious metals, and grains. Shares related to these commodities were mixed.
Sudden Drop in Energi Mega Persada’s Gross Profit; Taxes Payable 10 Times Medco
Shares of oil and gas company Energi Mega Persada (ENRG), controlled by Bakrie Family, lost 6.85% Friday (May 29) despite improvements in crude oil prices. Sudden drop in the Company’s operating profit might have triggered selloffs, where 224 million shares were exchanged hands.
Jaya Holdings & Hery Hermawan Herijanto Deal
SGX-listed Jaya Holdings Limited has on Wednesday (May 27) signed a non-binding term sheet to acquire Izzisen Global Pte Ltd, which controls 26 concessions for timber and plantation in Indonesia, from Mr Hery Hermawan Herijanto for S$173.8 million.
Oil and Gas Journal: Small Players
Energy and property company PT Ratu Prabu Energy Tbk has on Monday (May 25) signed a memorandum of understanding with PT Odira Energi Persada to acquire Karang Agung block in South Sumatra province.