Oil, Gas, Mining Updates from Indonesia

Oil, Gas, Mining Updates from Jakarta

- Indonesia's Medco to sell stake in Kakap block to Star Energy

- World Bank To Finance Geothermal Power Projects In Indonesia

- Pertamina secures extra term gasoline on Cilacap refinery outage

- TABLE-Indonesia May Minas crude up $7.99 at $61.44/bbl
(Courtesy Joyo News Service)



Platts Commodity News
June 8, 2009

Indonesia's Medco to sell stake in Kakap block to Star Energy

Jakarta -- Indonesia's publicly traded oil and gas company Medco
Energi Internasional said Monday it had signed a deal to sell
its 25% participating interest in the Kakap block, offshore
Natuna, to Star Energy Holdings.

"The transaction is scheduled to close July 15, 2009," the
company said. The transaction value was not disclosed.

Star Energy is the operator of Kakap block with 31.25% interest
and is controlled by Indonesian businessman Prajogo Pangestu.

The Kakap block produces around 10,000-12,000 barrels of oil
equivalent/day.

Anita Nugraha, newsd...@platts.com

------------------------------

World Bank To Finance Geothermal Power Projects In Indonesia

JAKARTA, June 8 Asia Pulse - PT Pertamina Geothermal Energy
(PGE) will receive a loan of US$500 million from the World Bank
to finance nine geothermal power projects in the country.

The World Bank is expected to disburse the loan fund in the
first quarter of 2010, Abadi Poernomo, the president of the
state oil and gas company PT Pertamina, said.

PGE will need US$3 billion to build its entire geothermal power
projects from the upstream to downstream sectors, Abadi said
last weekend.

PGE is also seeking loans from the Japan International
Cooperation Agency (JICA) and German bank of KFE to finance the
project which will have a generating capacity of 1,342
megawatts. he said.

--------------------------------

Platts Commodity News June 8, 2009

Pertamina secures extra term gasoline on Cilacap refinery outage

Singapore -- Indonesia's state-owned Pertamina has secured
200,000 barrels of 88 RON gasoline for June, following the
unplanned partial shutdown of its Cilacap refinery in Central
Java, industry sources said Monday.

The cargo of 88 RON gasoline is covered under part of
Pertamina's term commitment and is for the purpose of building
buffer stocks. To date, Pertamina has no immediate plans to buy
any volumes from the spot market.

Based on earlier estimates of the company's import plans, this
brings Pertamina's total imports of 88 RON and 92 RON gasoline
to 4.6 million barrels. For July, Pertamina plans to import 4.4
million barrels gasoline.

Pertamina has on June 3, shut the 230,000 b/d No. 2 crude
distillation unit at the 348,000 b/d Cilacap refinery after a
tube broke, causing a fire.

Repairs to the CDU are expected to take six days and the
refinery is expected to be fully operational by this Wednesday.

Irene Tang, irene_t...@platts.com

--------------------------

TABLE-Indonesia May Minas crude up $7.99 at $61.44/bbl

SINGAPORE, June 8 (Reuters) - Indonesia has set the official
Indonesia Crude Price (ICP) for Minas at $61.44 a barrel for
May, Pertamina Trading Energy, state oil company Pertamina's
trading arm said on its website. (www.pnatrade.com)

The May price is up $7.99 from April, when it was set at $53.45.

The ICPs were in line with calculations published earlier.

The May ICPs for key grades are as follows, in dollars per
barrel:

CRUDE April May CHANGE

Minas 53.45 61.44 +7.99

Ardjuna 50.37 57.07 +6.70

Senipah Condensate 50.39 55.11 +4.72

Arun 50.39 55.11 +4.72

Attaka 51.58 58.49 +6.91

Cinta 51.01 56.30 +5.29

Duri 41.07 51.25 +10.18

Widuri 50.62 56.33 +5.71

Belida 51.45 58.09 +6.64

Handil Mix 50.52 57.22 +6.70

Lalang 53.50 61.49 +7.99

Badak/Bekapai 51.58 58.49 +6.91

Walio 53.25 61.24 +7.99

Anoa 51.98 58.89 +6.91

BRC 47.35 52.01 +4.66

Bunyu 53.45 61.44 +7.99

The Indonesia Crude Price (ICP) formula is the average of prices
assessed by Platts (50 percent) and Japan's Rim (50 percent).
(Reporting by Judy Hua)