5 Reports:
(Courtesy Joyo News Service)
- Indonesian Nickel Miner Inco Secures $250 Mln Loan
- Platts: ExxonMobil and Indonesian fertilizer firm set to extend gas deal
- Pertamina Should Become Fuel Oil Off-Taker: Minister
- Indonesia's KPC Wins $308 Mln Coal Supply Contract
- Indonesian State-Owned Co Antam To Buy More Gold Mines
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Indonesian Nickel Miner Inco Secures $250 Mln Loan
JAKARTA, March 19 Asia pulse - PT International Nickel Indonesia Tbk (INCO) enjoyed short-term funding from its affiliate Vale International amounting to US$250 million. The credit given under a short term revolving credit facility is used to meet a commitment to capital and operational expenditures, and to meet other general needs.The report published by the company on Wednesday said that Vale International will sign the deal for the disbursement of the US$250 million loan. But the company first needs to ask for approval of the extraordinary general shareholders meeting on April 17, 2009. Vale International is an affiliate of Vale Inco Limited and the company was established on the basis of Swiss law.
Vale Inco Limited was established based on Candian Law and controlled about 60.80 percent of the shares issued by the company.
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Platts Commodity News
March 19, 2009
ExxonMobil and Indonesian fertilizer firm set to extend gas deal
Jakarta -- Indonesia's local unit of ExxonMobil and state-owned fertilizer company Pupuk Iskandar Muda were expected to sign a gas deal this month through which ExxonMobil will supply natural gas, equal to one 60,000-mt cargo of LNG, to PIM, a senior PIM official said Thursday. The agreement would be an extension of a previous deal between the two companies started in January this year, whereby ExxonMobil supplied PIM with 60,000 Mcf/day of natural gas for a period of three months at $5.88/MMBtu.
But as international price of gas has declined since then, PIM was "seeking a lower price," president director of PIM, Mashudianto said Thursday. PIM and ExxonMobil have been in talks to increase the gas supply to up to nine cargoes of LNG this year, ExxonMobil Oil
Indonesia's vice president Maman Budiman had said in January.
The government had asked ExxonMobil to give PIM priority over meeting export commitments from its Arun field in Aceh province in a bid to stimulate the struggling Acehnese economy by increasing fertilizer production.Indonesia was planning to buy nine cargoes of LNG from a Middle East producer this year to meet its contractual commitments to Japan and South Korea, but as the Asian buyers had wanted to
drop and divert 15 LNG cargoes due to them, those may be used to meet the gas needs of PIM, head of marketing division of BPMigas Fathor Rachman said.
Anita Nugraha, newsd...@platts.com
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Pertamina Should Become Fuel Oil Off-Taker: Minister
JAKARTA, March 19 Asia pulse - State Enterprises Minister Sofyan Djalil said it would be more realistic for Pertamina to become an off-taker of fuel oil refinery products rather than build new refineries of its own.
"Considering the huge investments Pertamina has made to build refineries in the past, it had better become just an off taker," the minister said. He said instead of spending huge amounts of funds on building new refineries, it was better for Pertamina to be an off-taker of fuel oils so that the saved funds could be used in other sectors. Djalil said actually Pertamina had now become an off-taker of refineries in Singapore. Thereby there was a guarantee that fuel oil products from refineries would be absorbed by Pertamina at the current market prices. The minister said the off-taker system would solve the problem
of delays in the construction of refineries by Pertamina. After all, there have been a lot of investors who were interested in developing refineries in Indonesia, whereas at the same time Indonesia had prepared incentives through government regulations.
But Director General for Oil and Gas Affairs of the Ministry of Energy and Mineral Resources (ESDM) Evita Legowo said Pertamina should serve not only as an off-taker but also as a refinery plant developer. "Pertamina should be involved in a refinery plant project, no matter how large its shares in the project. Investors would become more confident if Pertamina is involved," she said. Djalil said the development of refinery plants in Indonesia would reduce the cost for domestic oil procurement. "At present, Indonesia still imports 35 per cent fuel oils or about 300,000 barrels per day," the minister said.
Besides building plants, the other option to guarantee fuel oil stocks at home is to increase the capacity of existing plants, such as the Balongan plant to 40,000 - 50,000 barrels per day.
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Indonesia's KPC Wins $308 Mln Coal Supply Contract
JAKARTA, March 19 Asia Pulse - PT Kaltim Prima Coal (KPC) , a subsidiary of Indonesia's largest coal producer PT Bumi Resources (JSX:BUMI) has won a Rp3.7 trillion (US$308 million) contract to supply coal for a steam powered electric station.
Under the contract KPC will supply 1 million tons of coal a year over a period of 5 years for the 1,320-megawatt PLTU Tanjung Jati B in Jepara, Central Java. KPC defeated four other coal producers including PT Berau Coal and PT Indominco Mandiri in the tender for the coal procurement. The first shipment will be in July, 2009, the newspaper Investor
Daily quoted an official of the state power utility PLN, which owns the power plant, as saying.
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Indonesian State-Owned Co Antam To Buy More Gold Mines
JAKARTA, March 19 Asia Pulse - Publicly listed mining company PT Aneka Tambang (Antam) (JSX:ANTM) is seeking to acquire more gold mines this year to increase its reserve. Company president Alwin Syah Loebis said it was studying acquisition of two unnamed gold mining companies. Last month, Antam signed an agreement to acquire Australian gold mining company Arc Exploration's (ASX:ARX) 95 per cent stake of
PT Cibaliung Sumber Daya (CSD). The acquisition gave the company full control of CSD, which operates the Cibaliung gold mine in Cibaliung, Pandegelang, Banten with an estimated reserve of 12.8 tons. Antam corporate secretary Bimo Budi Satriyo, which already owns five per cent of CSD, said the process of acquisition, which is estimated to cost US$8 million, was expected to be completed in four-six months. This year Antam has set aside US$265 million for capital spending to finance a number of projects and acquisitions.
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