- Indonesia OKs SMOE-Saipem Win Of $430M Gajah Baru Platform Pro
- Bank Of China, Indonesia PLN To Sign $400M Loan Pact - Source
- Indonesia To Buy 24% Stake In Gold Miner Newmont
- Total Indonesie, Inpex To Invest $1 Bln In Mahakam Block
- PT Timah: May Curb Output; 2009 Output Likely Down 2%-8%
- Indosmelt Plans $500 Mln Copper Processing Plant In Sulawesi
- Citic Resources 2008 Net Profit Down 28% To HK$204.3 Mln
- Indonesian Govt Sets Geothermal Power Prices
- Indonesia fin min sees GDP growth at 5 pct in 2010
- Indonesia Posts $263 Mln Surplus In Q1
- Indonesia Sells IDR7.45T Bonds At Auction Vs IDR2T Goal
- Bank Raykat Indonesia Eyes More Remittance From Workers Abroad
- Indonesia's Bank Jabar Banten To Issue Bonds Valued $180 Mln
- TABLE-Indonesia March cement consumption drops 10.9 percent
- Indonesian Cement Co Semen Kupang Needs Capital Injection
- Islamic reinsurer ACR eyes Malaysia, Indonesia
- Indonesia Wheat Imports To Rise; Corn Purchases May Drop-USDA
- Honda Dominates Market Of Hatchback Cars In Indonesia
- Indonesian Car Tire Sales Plunge 25% In Q1
- Indonesian Shipper Berlian Secures $27 Mln Loan From Dvb Grp
- Indonesia's Arpeni Posts Profit Fall Despite Growth In Income
- Trikomsel Shifts to Handset Retails
- Indonesia's Tri Polyta To Invest $40 Mln In Capacity Expansion
- Indonesia May Raise White Sugar Floor Price By 7% In May - Min
- Indonesia 08/09 wheat imports up 5.8 pct - attache
- EPA With Japan Highly Utilized: Indonesian Minister
(Courtesy Joyo News Service)
Indonesia fin min sees GDP growth at 5 pct in 2010
JAKARTA, April 14 (Reuters) - Indonesia's finance minister on
Tuesday said Southeast Asia's biggest economy is likely to
rebound next year with growth of about 5 percent, up from the
3-4 percent expansion in 2008 that was forecast by the central
bank. Indonesia, a key exporter of commodities such as rubber
and palm oil, has been hit by the global economic slowdown, but
its economy is less dependent on exports than some of its
neighbours because of its large domestic market.
"Economic activity is likely to start improving in 2010. We
estimated growth to return to the 5 percent level, while
inflation is forecast at 5 percent," Finance Minister Sri
Mulyani Indrawati told reporters after a cabinet meeting.
The Asian Development bank (ADB) estimated Indonesia's economy
would grow 3.6 percent this year, accelerating to 5.0 percent
growth in 2010, which would mark the second-highest growth rate
among Southeast Asian countries.
Indonesia's economy expanded 6.1 percent in 2008, and growth is
one of the issues for voters in elections this year.
A Reuters poll on March 18 showed a median forecast for economic
growth of 4.0 percent in 2009 and 5.1 percent in 2010.
Indonesia's central bank has cut its key interest rate
a total of 2 percentage points since December to 7.5 percent in
a bid to spur consumption amid a slump in exports and slowing
inflation.
Bank Indonesia has also signalled further cuts as the bank saw
inflationary pressures may still continue to ease. (Reporting by
Muklis Ali; Writing by Andreas Ismar; Editing by Sara Webb)
---------------------------
Indonesia Posts $263 Mln Surplus In Q1
JAKARTA, April 14 Asia Pulse - A surplus of Rp2.9 trillion
(US$263 million) was recorded in the country's state budget in
the first quarter of this year, a senior cabinet minister said.
State spending was valued at Rp159.7 trillion as against state
revenues and grants of Rp162.6 trillion, Chief Economics
Minister Sri Mulyani Indrawati said.
Sri Mulyani said the state revenue and grants in the first three
months of this year were 19.2 per cent of the whole year target
, which was already revised .
The revenues included Rp133.2 trillion in taxes and Rp19.4
trillion in excises, she was quoted as saying by he newspaper
Investor Daily .
The state spending which reached only 16.2 per cent of the whole
year target, included Rp88.8 trillion in government spending and
Rp71 trillion in funds transferred to the regions.
Meanwhile, Sunarsip, the chief economist from the Indonesia
Economic Intelligence, described the Rp2.9 trillion surplus as
small or insignificant indicating the use of the state budget
was quite high.
----------------------------
Indonesia Sells IDR7.45T Bonds At Auction Vs IDR2T Goal
JAKARTA, April 14 (Dow Jones)--The Indonesian government sold
IDR7.45 trillion ($686 million) worth of bonds at an auction
Tuesday, significantly above its indicative target of IDR2
trillion.
The Finance Ministry said it sold IDR2.10 trillion in one-year
securities at a weighted average yield of 8.96%; IDR2.95
trillion of seven-year notes at a weighted average yield of
11.55%; and IDR2.40 trillion in 14-year paper at a weighted
average yield of 12.44%.
The government has so far this year raised IDR72.95 trillion
from bond issuances, both from the domestic and offshore
markets. It expects to issue debt worth IDR99.6 trillion this
year.
The Ministry said that the total bids received amounted to
IDR14.57 trillion.
The yield for the one-year paper was lower than market
expectations of between 9.0% and 9.9%, while the yields for the
other two paper were generally within market expectations.
Analysts said that the robust market reception for the auction
was likely due to improving sentiment in global financial
markets. In addition, they said investors have welcomed the
preliminary outcome of last week's parliamentary elections,
which shows that President Susilo Bambang Yudhoyono's party is
leading in the vote count.
"This shows that risk appetite is increasing," said Bank
Danamon's economist Helmi Arman.
Analysts added that the government's bargaining power at the
next bond auction will likely increase as it has raised over 70%
of its total target already.
---------------------------
Bank Raykat Indonesia Eyes More Remittance From Workers Abroad
JAKARTA, April 13 Asia Pulse - PT Bank Rakyat Indonesia (BRI)
(JSX:BBRI) said it hopes to handle larger remittance of money
mainly by Indonesian workers abroad in cooperation with a number
of foreign banks and other financial agencies.
Last year the state lender concluded remittance transactions
valued at US$11 billion and this year the amount is expected to
rise to US$15 billion, a bank director Abdul Salam said.
The company has established cooperation with 17 financial
agencies including banks in Middle East where there are hundreds
of thousands of Indonesian workers.
The bank has recorded a steady growth in remittance transactions
inward and outward in the past years, up from 63,578 worth
US$6.59 billion in 2005 to 120,729 transactions valued at
US$9.34 billion in 2007, the newspaper Investor Daily said.
Indonesia also has large number of workers in Singapore,
Malaysia, South Korea, Taiwan, Hong Kong and Japan.
----------------------------
Indonesia's Bank Jabar Banten To Issue Bonds Valued At $180 Mln
JAKARTA, April 14 Asia Pulse - PT Bank Jabar Banten, which is
owned by the West Java and Banten regional administrations, is
preparing to issue bonds valued up to Rp2 trillion (US$180
million).
The plan is expected to be implemented in July this year,
corporate secretary of the bank Endang Ruchiyat said.
Around 85 per cent of the fund from the five-year bond will be
used to finance expansion to strengthen its credit financing
capacity, Endang said, adding the rest will be used to expand
its network in Batam and Medan.
The bank, which also plans to launch initial public offering
(IPO), recently opened new branches in Semarang and Surabaya,
the newspaper Investor Daily said.
Endang said the IPO fund will be used to finance the opening of
new branches.
---------------------------
TABLE-Indonesia March cement consumption drops 10.9 percent y/y
JAKARTA, April 14 (Reuters) - Indonesia's domestic cement
consumption in March fell 10.9 percent to 2.67 million tonnes
from a year earlier, industry data showed on Tuesday.
Cement producers had predicted that cement demand would decline
this year because of tougher economic conditions.
PT Semen Gresik Tbk , Indonesia's biggest cement producer,
reported its domestic sales fell 7.7 percent to 1.24 million
tonnes in March, from a year ago.
Following is the cement consumption data from the Indonesian
Cement Association provided by Semen Gresik, the numbers are in
tonnes.
Area March '09 March '08 Feb '09
Jakarta 263,116 304,583 241,772
Java 1,150,894 1,273,489 1,078,146
Sumatra 687,941 744,755 691,863
Kalimantan 189,214 206,235 185,841
Sulawesi 227,879 224,827 202,302
Nusa Tenggara 98,527 141,464 166,906
Maluku and Papua 49,864 97,090 69,843
Total Indonesia 2,667,435 2,992,443 2,636,672
(Reporting by Tyagita Silka; Editing by Sara Webb)
------------------------------
Indonesian Cement Co Semen Kupang Needs Capital Injection
JAKARTA, April 13 Asia Pulse - State cement maker PT Semen
Kupang, lying idle since early last year, will need a capital
injection of Rp250 billion (US$22.7 million) to resume operation
and service debt.
The company could not operate as it ran out of working capital,
the Indonesian Cement Association said.
The government should step in and help restructure the debt of
the company to allow it to resume operation, an official of the
association said.
The cement company expanded its capacity from 300,000 tons to
570,000 tons a year using US dollar loan in 1998 when the value
of the rupiah plunged resulting in much heavier debt repayment
burden.
Currently the company has Rp394 billion in principal debt and no
bank has agreed to provide loan to allow the company to resume
operation, the newspaper Investor Daily said.
-----------------------------
Islamic reinsurer ACR eyes Malaysia, Indonesia
DUBAI, April 14 (Reuters) - Kuala Lumpur-based Islamic reinsurer
ACR ReTakaful SEA expects to grow its business in Malaysia,
Brunei and Indonesia, an executive said on Tuesday.
Malaysia Chief Executive Zainal Abidin M Noor estimated yearly
growth for Islamic insurance, or takaful, at 20 percent in
Malaysia and up to 15 percent in Indonesia.
"Malaysia is a mature market and we see tremendous growth there
still," Noor told the Reuters Islamic and Finance Summit in
Dubai. "In terms of Indonesia, there is big space for growth
given it is the biggest Islamic country."
The company is interested in specialized risk, including special
liabilities, offshore energy, aviation and satellite and space
insurance, he said.
He said the firm was in talks to enter into a strategic alliance
with an Islamic reinsurer in Malaysia, which would likely take
place in September, but declined to give further details.
Under takaful, the risk and reward are shared between the
customer and insurer, while in conventional insurance the
insurer takes on all the risk for a premium.
(Reporting by Jason Benham, editing by Sam Cage and David Cowell)
---------------------------
Indonesia Wheat Imports To Rise; Corn Purchases May Drop-USDA
SINGAPORE, April 14 (Dow Jones)--Indonesia's wheat imports are
estimated to increase by 5.8% on year to 5.2 million metric tons
in the marketing year ending June 30, according to a U.S.
Department of Agriculture report e-mailed Tuesday.
"Several wheat flour importers becoming wheat millers is the
major factor behind this increase," said the USDA.
Canada, the U.S. and Australia are the three biggest suppliers
of wheat to Indonesia, the report said.
Corn imports to Indonesia will fall to 100,000 tons in 2008-09
compared with 150,000 tons a year ago due to higher local output
and continued sluggishness demand from meat and poultry farms,
the report said.
The report also said corn imports in 2009-10 may stay at the
current year's level.
Indonesia is likely to import 350,000 tons of rice of premium
variety in 2009, unchanged from 2008, on sufficient local
stocks, the report said.
Still, the report said it doubts if Indonesia can export any
rice this year, despite statements by the government that the
country intends to ship 100,000 tons of specialty rice this
year, as local prices are higher than those prevailing globally.
-----------------------------
Honda Dominates Market Of Hatchback Cars In Indonesia
JAKARTA, April 14 Asia Pulse - Honda dominated the market of
hatchback cars in Indonesia with a market share of 56 per cent
in March 2009, PT Honda Prospect Motors (HPM), the sole agent
assembling the Japanese car, said.
Honda Jazz sales shot up 36 per cent to 1,505 units in March
from the previous month, HPM marketing director Jonfis Fandy
said.
The sales in March brought the total sales of Honda Jazz to
3,675 units in the first quarter of this year, Jonfis was quoted
as saying by the newspaper Investor Daily.
Jonfis said sales of all types of Honda car have continued to
scale up in the first three months of this year when the
country's car market was hit by slump with total sales down 26
per cent to around 100,250 units.
-----------------------------
Indonesian Car Tire Sales Plunge 25% In Q1
JAKARTA, April 14 Asia Pulse - Car tire sales dropped 25 per
cent to 8 million units in the first quarter of this year from
10.7 million units in the same period last year on shrinking car
market.
The trend began in the last quarter of 2008 and continued
through the first three months of this year, the association of
tire producers said.
Car sales in the country fell 25.7 per cent to 100,250 units in
the first quarter of this year, resulting in shrinking sales of
tires to car factories, Aziz Pane, chairman of the association
said.
Decline was also recorded in exports - down 23 per cent
year-on-year, Aziz was quoted as saying by the newspaper
Investor Daily.
-------------------------------
Indonesian Shipper Berlian Secures $27 Mln Loan From Dvb Grp
JAKARTA, April 14 Asia Pulse - Cargo shipping company PT Berlian
Laju Tanker (JSX:BLTA) said it has secured a loan pledge of
US$27 million from the DVB Group Merchant Bank (Asia) Ltd .
Kevin Wong, the finance director of the publicly listed company,
said the loan fund would be used to buy new ships.
The company, which also plans to issue a Rp500 billion (US$46
million) bond, plans to procure 15 new ships to strengthen its
fleet, the newspaper Investor Daily said.
The company which operates 87 units of chemical and oil and gas
tankers serves domestic and international routes.
----------------------------
Indonesia's Arpeni Posts Profit Fall Despite Growth In Income
JAKARTA, April 13 Asia Pulse - Publicly traded cargo shipping
company PT Arpeni Pratama Ocean Line (JSX:APOL) reported a
decline in net profit despite a strong growth in operating
income last year.
The net profit of the company shrank to only Rp9.91 billion in
2008 from Rp223.26 billion in the previous year on growing
foreign exchange loss to Rp361.58 billion from Rp1.74 billion,
its said in a financial report.
The company chalked up a 59 per cent increase year-on-year in
income to Rp2.57 trillion in 2008, the newspaper Investor Daily
said.
Increase in interest debt from Rp204.18 billion to Rp294.04
billion also contributed to the decline in profit.
By the end of 2008, the assets of the company rose Rp7.29
trillion from Rp4.92 trillion a year earlier, and its
obligations surged to Rp5.65 trillion from Rp3.4 trillion.
----------------------------
The Jakarta Globe
Wednesday, April 15, 2009
Trikomsel Shifts to Handset Retails
Aditya Wikrama
Originally a cellular handset distributor, PT Trikomsel Oke Tbk
has now shifted its main focus from prepaid vouchers to selling
high-end cellular handsets and gadgets, the company’s chief
executive said on Tuesday, after Trikomel’s first day as a
listed firm.
“It’s not that the prepaid voucher market isn’t growing, but
rather that sales of handsets are rising at a faster pace as
unit prices increase with the arrival of new, high-end trends,
such as Blackberry and iPhone,” Sugiono Wiyono, Trikomsel Oke’s
president director, said on Tuesday.
A Blackberry phone or iPhone can cost between Rp 5 million
($460) and Rp 10 million, compared to standard cellular
handsets, which cost between Rp 1 million and Rp 5 million.
“Moreover, I think the trend is moving upward, from standard
cellphones to Blackberry phones and iPhones, and now to
netbooks, for accessing the Internet using their built-in
modems.”
Sugiono said the company had started marketing low-cost
netbooks, through its 800 outlets in 140 cities. A netbook,
usually priced at between Rp 5 million and Rp 8 million, is a
mini-laptop computer that can be bundled with a cellular card
using the netbook’s Subscriber Identity Module, or SIM, card
slot.
To expand its stock and range of products, Sugiono said
Trikomesl had secured $15 million in loans from two major banks.
Sugiono said the company expected last year’s after-tax profit
to come in at more than Rp 100 billion. He said the firm had not
yet released its full-year 2008 results as they were still being
audited, but that the results would be announced later this
month.
He said the firm would pay out a dividend of about Rp 30 billion
from last year’s profits “in line with the commitment stated in
the prospectus.”
The prospectus states that the company will pay a 30 percent
dividend if net profit comes in at less than Rp 150 billion.
Trikomsel’s shares closed up Rp 5, or 2.22 percent, at Rp 230 on
Tuesday, after rising to Rp 260 in early trading.
----------------------------
Indonesia's Tri Polyta To Invest $40 Mln In Capacity Expansion
JAKARTA, April 14 Asia Pulse - Listed Indonesian plastic basic
material producer PT Tri PolytaIndonesia (JSX:TPIA) plans to
invest US$40 million to increase its production capacity from
380,000 tons to 600,000 tons.
The expansion plan to be implemented next year is to meet
domestic demand for polypropylene, the association of plastic
and olefin industries said.
Indonesia has suffered a deficit in the supply of PP, causing
problems in the downstream sector of the industry, given the
high cost of imports.
Association secretary general Budi Susanto Sadiman said Tri
Polyta has asked state oil company PT Pertamina to supply
propylene the basic material for PP.
So far petrochemical company PT Chandra Asri has supplied Tri
Polyta with 300,000 tons of propylene with 80,000 tons supplied
through imports, the newspaper Investor Daily said. (ANTARA)
-----------------------------
Indonesia May Raise White Sugar Floor Price By 7% In May - Min
JAKARTA, April 14 (Dow Jones)--Indonesia may raise its floor
price for white sugar by 7% in May to factor in rising
production costs borne by farmers, a senior government official
said Tuesday.
The price may be raised at the start of this year's crushing
season to IDR5,350 a kilogram from IDR5,000 last year, said Bayu
Krisnamurthi, deputy to the coordinating minister for economic
affairs.
The higher floor price would protect farmers' incomes from
rising fertilizer prices, said Krisnamurthi.
Usually, state-owned sugar companies will buy sugar at the
designated floor price even when market prices are lower to help
stabilize domestic sugar prices.
Factories in Indonesia normally crush sugar cane from May to
November.
Prices typically come under pressure during the crushing season,
due to the increased supply of sugar.
--------------------------
Indonesia 08/09 wheat imports up 5.8 pct - attache
WASHINGTON, April 14 (Reuters) - Following are selected
highlights from a report issued by a U.S. Department of
Agriculture attache in Indonesia:
"In MY2008/09, Indonesian wheat imports are forecast to increase
to 5.2 MMT and rice imports are forecast to increase to 500 TMT.
However, imports of corn for MY08/09 are forecast to decline to
100 TMT as feed millers utilize more domestic corn because
production will reach 8.7 MMT in MY 2008/09.
In MY2008/09, Indonesian wheat imports are estimated to increase
5.8 percent to 5.2 MMT compared to the previous MY2007/08 of 4.9
MMT. Several wheat flour importers becoming wheat millers is the
major factor behind this increase. U.S. wheat prices remain
competitive and there is still bright prospect for the United
States to increase wheat exports to Indonesia. In MY 2008/09
imports of wheat from the United States are estimated to reach
15 percent of the total market share."
Attache reports are not official USDA data.
------------------------------
EPA With Japan Highly Utilized: Indonesian Minister
JAKARTA, April 14 Asia Pulse - Trade Minister Mari E. Pangestu
said the economic partnership agreement (EPA) with Japan has
been highly utilized as indicated by the number of certificates
of origin issued.
Indonesia is favored in the implementation of the agreement
issuing 10,000 export certificates of origin as against
4,000-5,000 issued by Japan, Mari said.
She said she could not put a figure on the export value, but the
number of certificates of origin showed the interest of
exporters in making use of the trade pact.
The free trade area (FTA) agreements being prepared with
Pakistan and Australia would also benefit Indonesia, she was
quoted as saying by the newspaper Bisnis Indonesia.
------------------------------------------
---
Indonesia OKs SMOE-Saipem Win Of $430M Gajah Baru Platform Proj
JAKARTA, April 14 (Dow Jones)--Indonesia's upstream oil and gas
regulator BP Migas Tuesday approved Premier Oil's choice of a
consortium comprising the local units of SMOE and Saipem SpA to
build and install the Gajah Baru gas processing platform, a
senior BP Migas executive said.
"The value of the project is $429.98 million," Deputy Chairman
for General Affairs Hardiono told Dow Jones Newswires.
SMOE is a unit of Singapore's SembMarine.
Premier Oil PLC (PMO.LN) is the operator for the Gajah Baru
project, which includes the Gajah Baru, Naga and Iguana gas
fields in the Natuna Sea.
The gas from the fields will be piped to Sembgas in Singapore.
BP Migas last year said the Singaporean buyer had agreed to pay
$11 per million British thermal units for the gas for a total
volume of up to 100 million cubic feet for 18 years, starting
2011.
----------------------------
Bank Of China, Indonesia PLN To Sign $400M Loan Pact - Source
BEIJING, April 14 (Dow Jones)--Bank of China Ltd. (3988.HK) will
sign an agreement with PT Perusahaan Listrik Negara in May to
lend about $400 million to the state-owned Indonesian power
distributor, a person familiar with the situation said Tuesday.
The 13-year loan will be used to buy equipment from China's
Dongfang Electric Corp. (1072.HK)) for Indonesia's power plants,
said the person, who declined to be named.
The two corporations originally planned to sign the deal
Saturday in Pattaya during the summits between China and the
Association of Southeast Asian Nations, but the signing ceremony
was canceled due to chaos there, the person said.
The deal will be signed in May in Indonesia's Bali Island during
a meeting of the Asian Development Bank, he said.
------------------------------
Indonesia To Buy 24% Stake In Gold Miner Newmont
JAKARTA, April 14 Asia Pulse - The government will exercise its
right to buy 24 per cent of PT Newmont Nusa Tenggara (NNT)
including 10 per cent stake for the West Nusatenggara provincial
administration.
The company, which operates a gold and copper mine in Batu
Hijau, in West Nusatenggara, is ruled by the Geneva based
international arbitration court to sell part of its stake to
Indonesian partners based on its contract .
Under the contract the company is required to divest 3 per cent
of its shares in 2006, and 7 per cent each year until 2009.
Earlier three state mining companies - PT Aneka Tambang
(JSX:ANTM), PT Tambang Batubara Bukit Asam (JSX:PTBA) and PT
Timah (JSX:TINS) - were reported to have indicated interest in
buying a 7 per cent stake in NNT, which is controlled by US
Newmont Mining Corp. and Sumitomo Corp.
In 2008, Newmont set the price of the 7 per cent stake to be
divested that year at US$426 million, the newspaper Investor
Daily said.
------------------------------
Total Indonesie, Inpex To Invest $1 Bln In Mahakam Block
JAKARTA, April 14 Asia Pulse - Total E&P Indonesie and Inpex
(TSE:1605), which jointly own the Delta Mahakam block will
invest US$1 billion to build five compressor modules to maintain
gas output from the block.
The investment, which is part of the capital spending of US$1.8
billion by the two oil giants in the country, is to prevent a
decline in gas production next year from this year's expected
level of 2.55 billion cubic feet per day .
Elisabeth Proust, the president and general manager of Total E&P
said work is expected to be completed in October
The estimated production of 2.55 Bscfd this year is lower than
2.6 Bscfd last year, Proust was quoted as saying by the
newspaper Bisnis Indonesia.
New compressors with lower pressure must be installed to prevent
further decline in output, she added.
-------------------------------
PT Timah: May Curb Output; 2009 Output Likely Down 2%-8%
JAKARTA, April 14 (Dow Jones)--PT Timah, the world's largest
integrated tin company, expects to produce 45,000-48,000 tons of
refined tin this year, down from 49,029 tons last year, the
company's spokesman said Tuesday.
"There's a possibility Timah might produce even less if tin
prices continue to fall," Abrun Abubakar said.
The company is concerned about flooding the market with the
metal, which would depress prices further, so it will curb
production, Abubakar said .
The price of tin reached an all-time high of $25,000 a metric
ton last May, but has since fallen due to slowing demand amid
the global economic downturn.
Tin last traded on the London Metals Exchange at $10,995-$11,000
Thursday before the long weekend.
----------------------------
Indosmelt Plans $500 Mln Copper Processing Plant In Sulawesi
JAKARTA, April 14 Asia Pulse - Indonesia's PT Indosmelt plans to
build a copper processing factory in the regency of Maros, South
Sulawesi with an investment of US$500 million.
Construction of the project will start next year in cooperation
with an Australian investor Ausmelt (ASX:AET), Indosmelt
President Natsir Mansyur.
The factory, which will produce 100,000 tons of copper cathode
and 200,000 tons of copper crust, will need 350,000 tons of
copper concentrate for feedstock, the newspaper Investor Daily
said..
The basic material for the factory to be operational in 2014, is
expected to be supplied from PT Freeport Indonesia, which has
larger copper mines in Papua. (ANTARA)
-----------------------------
Citic Resources 2008 Net Profit Down 28% To HK$204.3 Mln
HONG KONG, April 14 (Dow Jones)--Citic Resources Holdings Ltd.
(1205.HK), a Chinese energy and base metals producer, said late
Monday its net profit fell 28% last year mainly on impairment
charges on its oil assets due to plunging energy prices.
Citic Resources, which is 11.47% owned by Singapore state-owned
investment company Temasek Holdings Pte. Ltd., said its net
profit for the 12 months ended Dec. 31 was HK$204.3 million,
down from HK$282.8 billion the previous year.
Revenue rose 87% to HK$18.76 billion from HK$10.01 billion.
Citic Resources is pumping oil in Kazakhstan and Indonesia. It
is also exploring oil reserves in northeastern China.
------------------------------
Indonesian Govt Sets Geothermal Power Prices
JAKARTA, April 13 Asia Pulse - The Indonesian government has set
its purchasing prices for geothermal power at 8 to 9 US cents
per kilowatt hour (KWH).
The government sets the price levels to be paid by state
electricity company PLN for geothermal power generated by
investors, an official of the energy and mineral resource
ministry said.
The price announcement will allow investors to calculate the
benefit from investment in geothermal power sector, Sugiarto
Harsoprayitno , the geothermal development director said.
The prices, depending on the cost of investment was set taking
into account the cost of investment in the upstream and
downstream sectors, Sugiarto said.
Investors will not only sell steam but also build power plant
with output to be sold to PLN, he said.
The government has identified 22 geothermal reserves to be
auctioned off soon to investors, the newspaper Investor Daily
said.
------------------------------------------
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