Saudi Arabia’s Saudi Aramco is finally ready to partner up with state-owned PT Pertamina to develop the Cilacap Refinery in Central Java. Saudi had intended to cooperate since 2014, but the business agreement it was supposed to reach with the agreement progressed very slowly. That’s mostly because Saudi Aramco didn’t only seek for a tax holiday, but they also wanted the option for a spin-off.

Shares of Indofood CBP Sukses Makmur (ICBP) gained 2.9% to Rp8,900 Wednesday (Oct 31) as investors responded positively the company’s stronger performance in the third quarter. Unlike the first half, Indofood CBP reported double digit growth in the third quarter, while net profit grew 26% year-on-year.

Solid support from vice president Jusuf Kalla for reelection of president Joko ‘Jokowi’ Widodo next year—-at least that’s our impression from Kalla’s recent public statements on various issues, is considered one of key factors to watch. This might be related to solid financial performance of Bukaka Teknik Utama (BUKK), a company controlled by Kalla’s family.

Minister of Energy and Mineral Resources Ignasius Jonan (ESDM) has returned from visiting Japan. He brought back some news from his trip, one of which is that the Ministry of ESDM has come to an agreement with INPEX Corporation for accelerating the development of the Liquified Natural Gas (LNG) plant in the Abadi field of the Masela Block, Maluku. This is crucial for the Government of Indonesia’s plan to cover its oil and gas production deficit.

State-owned PT Indonesia Asahan Aluminium (INALUM) is to begin its ambitious project in North kalimantan together with its subsidiaries: PT Aneka Tambang dan PT Bukit Asam Tbk. The President Director of INALUM Budi Gunadi Sadikin said that this year INALUM would develop an aluminium plant with the production capacity of 500 kilotons per year in the Regency of Bulungan, North Kalimantan.

State-owned steel producer Krakatau Steel (KRAS) booked net loss of US$37.38 million in Jan-Sep 2018, about half of losses recorded in the corresponding period last year. The Company’s joint venture with POSCO, one of the world’s largest steel producers, interestingly, turned positive in the period.

State-owned oil and gas company PT Pertamina has entered into a cooperation with Taiwan’s China Petroleum Corporation (CPC) to build a petrochemical plant. That being said, the exact location of the plant has not yet been determined. Pertamina’s team are still reviewing the possibility of building in either Balongan, West Java or Tuban, East Java.

Oil and Gas company Chevron Pacific has been operating in Indonesia (in several past incarnations) since the 1920s.  Chevron has developed oil and gas blocks that have contributed greatly to the Nation’s lifting, such as the Rokan Block, the East Kalimantan Block, the North Duri Development Area 13, and the Indonesia Deep Water (IDD) in the Makassar Strait.

Bakrie Group have not been making much news on the oil & gas front. It’s affiliate PT Energi Mega Persada Tbk (ENGR) exited the ONWJ Block, and ever since, the Group have managed Blocks without much potential like the Kangean Block. That being said, on Oct. 23, Bakrie Group’s Lapindo Brantas and Minarak Brantas Gas, secured the right to manage the Banyumas Block and the Brantas Block.