27 Reports:
- Mandiri Tunas Set To Be 3rd Largest Finance Firm In Indonesia
- Bank Negara Indonesia 08 Net Profit Was IDR1.22 Tln
- Indonesia's BNI To Provide Extra Loan Of $25 Mln For PT PAL
– Indonesia c.bank says 1-month SBI rate at 8.11241 pct
– Indonesia's Per Capita Debts Increased 32% In 2009
- Indonesia Govt Swaps IDR30 Bln Existing Bonds With New Bonds
- Fewer Visitors To Indonesia In February
- Indonesia's Berlian Laju Tanker Doubles Profit To $142 Mln
- Indonesian Cargo Volumes, Passenger Numbers Declining
- Indonesia Doubted To Be Able To Implement Cabotage Principle
- Indonesia's Growth To Depend On Domestic Consumption: BPS
- Indonesia's Steel Imports Down 39.6%
- Portion Of Primary Goods In Indonesian Export Too Big:
- 15 Indonesian Firms May Export Without Letter Of Credit
- PT Mitra Adiperkasa Reports Loss Despite Increase In Income
- Indonesia's Lippo Karawaci Posts $33.6 Mln In Net Profit
- Indonesia's Fish Exports Projected At 4 Million Tons This Year
- Higher Soybean Demand Seen for Indonesia
- BP Expected To Announce Plan To Sell BP West Java
- Indonesia Govt Advised To Resist Japanese Pressure Over Senoro
- Jakarta Consortium To Finance 16 Power Projects
- Indonesia's Petral fails to buy 88 RON gasoline for midApril
- Indonesia Jan-Feb Avg Crude,Condensate Prodn 963,269 Bbl/Day
- Chevron set to appoint deepwater project contractors
- Indonesia to hike March Minas ICP by $3.81 to $48.51/b: source
- TABLE-Indonesia March Minas crude rises to $48.51/bbl
- India's GMR eyes Southeast Asia energy deals
(Reports courtesy Joyo News Service)
Mandiri Tunas Set To Be 3rd Largest Finance Firm In Indonesia
JAKARTA, April 2 Asia Pulse - PT Mandiri Tunas Finance is set to
make a big step in the next two years, to break into the rank of
five largest financing firms in Indonesia in 2010 and three
largest in 2011.
This year the target of the company, which is controlled by Bank
Mandiri, the country's largest lender, is to spend Rp3 trillion
(US$261 million) to finance the purchase of motor vehicles.
Commercial Director of Bank Mandiri Zulkifli Zaini said Mandiri
Tunas will expand its financing business with new credit of Rp4
trillion in 2010 and Rp5 trillion in 2011.
Financing industry dominates 78 per cent of credit market in the
motor vehicle sector with banks accounting for only 12 per cent.
Bank Mandiri took control of the financing firm formerly named
PT Tunas Financindo Sarana after acquiring 51 per cent stake
from the old downers PT Tunas Ridean and PT Tunas Mobilindo.
-------------------------
Bank Negara Indonesia 08 Net Profit Was IDR1.22 Tln
JAKARTA, April 1 (Dow Jones)--Bank Negara Indonesia (BBNI.JK),
Indonesia's fourth-largest bank by assets, is "optimistic" it
can achieve an increase in net profit of 15% to 16% this year,
the bank's chief executive said Wednesday.
"We are optimistic net profit in 2009 can grow around 15% to
16%, from net profit last year of IDR1.22 trillion. That is in
line with our credit growth, which we are also predicting around
the level" of 15% to 16%, Chief Executive Gatot Suwondo told Dow
Jones Newswires on the sidelines of a summit held at the
Ministry for State-Owned Enterprises' Affairs.
At the end of 2008, BNI's total outstanding credit was IDR111.99
trillion, up 26% from IDR88.65 trillion a year earlier. The
company said Monday its net profit in 2008 was 36% higher than
IDR898 billion in 2007.
Suwondo said BNI had asked the government to allow it to reduce
its dividend payout ratio from 50%, in order to maintain a
capital adequacy ratio around 13% as it looks to expand credit
this year.
He said that conditions on the local bond and equity markets
would make raising funds there too expensive.
"There's no other way" to maintain CAR than by reducing dividend
payouts, Suwondo said.
BNI is majority-owned by the Indonesian government, with 23.6%
of its shares held by the public.
----------------------------
Indonesia's BNI To Provide Extra Loan Of $25 Mln For PT PAL
JAKARTA, April 2 Asia Pulse - PT Bank Negara Indonesia (BNI)
(JSX:BBNI) has agreed to provide additional loan of US$25.6
million for state shipbuilding company PT PAL Indonesia.
PT PAL will use the fund to build four tankers on orders from
Turkey and Italy, Gatot Murdianto Suwondo, the president of the
state bank , which already provided a loan of US$83 million
earlier for PT PAL Gatot said the two state companies have
reached an agreement that BNI will finance projects to be built
by PT PAL.
PT PAL President Harsusanto said three of the ships are chemical
tankers for Italy and a 50,000 ton tanker bulker for Turkey.
PT PAL also has secured 18 similar orders to be financed by
other state financers including PT Bank Mandiri (JSX;BMRI), PT
Bank Ekspor Indonesia and PT Perusahaan Pengelola Aset,
Harsusanto was quoted as saying by the newspaper Investor Daily.
----------------------------
Indonesia c.bank says 1-month SBI rate at 8.11241 pct
JAKARTA, April 1 (Reuters) - Indonesia's central bank announced
a one-month SBI interest rate of 8.11241 percent in an auction
on Wednesday, compared to 8.21080 percent in the previous
auction. (Reporting by Dicky Kristanto; Writing by Tyagita
Silka; Editing by Sara Webb)
-----------------------------
Indonesia's Per Capita Debts Increased 32% In 2009
JAKARTA, April 2 Asia pulse - Indonesia's external debts per
capita in 2009 increased by 32 per cent compared with that in
2004, economic observer Ichsanudin Noorsy of the Indonesia Rise
Team (TIB), said.
"The burden of the people now is heavier than it was in 2004
because Indonesia's debt burden is also bigger," Noorsy said at
a discussion here on Wednesday.
He said that from the aspect of gross domestic product (GDP),
Indonesia's external debts in percentage dropped from 56 per
cent to 31 per cent.
However, from the per capita aspect, Indonesia's debt burden
increased from Rp5.8 million (US$504.60) per person to Rp7.7
million per person.
In 2004, Indonesia's population number was recorded at 217
million. In 2009, it rose to 227 million, Noorsy said. "So, it's
great to say our debts are declining," he added.
Noorsy who is an economic observer of the University of Gajah
Mada in Yogyakarta said that Indonesia's external debts in 2004
were recorded at Rp1,205 trillion, which in February 2009
increased to Rp1,667 trillion.
In the meantime, he said, the value of state debentures (SBN)
the government sold to the foreign parties also increased. In
2005, the value of the SBN was Rp656 trillion while in 2009 it
has reached Rp920 trillion.
-----------------------------
Indonesia Govt Swaps IDR30 Bln Existing Bonds With New Bonds
JAKARTA, April 1 (Dow Jones)--The Indonesian government Tuesday
swapped IDR30 billion of existing bonds with new paper maturing
in June 2021.
The total amount that investors sought to swap was IDR369
billion, the Finance Ministry said.
Analysts said the response was poor as such auctions usually
attract bids worth trillions of rupiah.
They said the response wasn't surprising as the government
sought to sell the new bonds at 101.5% of par, while similar
bonds in the secondary market were quoting at 99.75%.
---------------------------
Fewer Visitors To Indonesia In February
JAKARTA, April 2 Asia Pulse - The number of foreign tourists
visiting the country dropped 9.43 per cent to 421,555 in
February from 465,400 the same period last year, an official
record said.
The decline was 10.91 per cent compared to 473,165 visitors in
previous month,, head of the Central Bureau of Statistics Rusman
Heriawan said.
Heriawan attributed the decline to seasonal factor saying
February was low season with shorter days and to the global
financial crisis.
Meanwhile, the occupancy rates recorded by star rated hotels
down from an average of 45.10 per cent in January to 44.54 per
cent in February, the newspaper Media Indonesia said.
----------------------------
Indonesia's Berlian Laju Tanker Doubles Profit To $142 Mln
JAKARTA, April 2 Asia Pulse - The net profit of tanker ship
operator PT Berlian Laju Tanker (JSX:BLTA) shot up 105.26 per
cent to Rp1.56 trillion (US$142 million) in 2008 from Rp758.98
billion in the previous year.
The increase in net profit was attributable mainly to 92.39 per
cent increase to Rp7 trillion in operating income from Rp3.64
trillion in 2007, its finance director Kevin Wong said.
Chembulk Tankers LLC , which the company acquired in 2007
contributed around 50 per cent to the total income, Wong was
quoted as saying by the newspaper Investor Daily.
Chembulk Tankers LC has doubled the carrying capacity of the oil
fuel and liquid chemical carrier company, which is listed on the
Indonesian Stock Exchange, Wong said.
BEI said Berlian plans to issue bond valued at Rp500 billion by
the end of the first half of this year and has named PT Danatama
Makmur and PT AAA Securities as the lead underwriters.
Earlier Wong said the company needed fund to buy up to 5 units
of ships valued at US$280 million to strengthen its fleet.
The company will buy a liquefied natural gas (LNG) tanker and 3
or 4 units of chemical tankers from Japan and South Korea to
bring the number of its vessels to 93 units, Wong said.
----------------------------
Indonesian Cargo Volumes, Passenger Numbers Declining
JAKARTA, April 2 Asia pulse - Indonesia's Central Board of
Statistics (BPS) has recorded a decline in the number of
passengers and volumes of cargoes in the train, sea and air
transportation in February 2009.
"In February 2009, the number of train passengers was recorded
at 13.87 million, which showed a decline of 4.31 per cent
compared with that in January 2009," BPS Head Rusman Heriawan
said here on Wednesday.
In the meantime, he said the volumes of cargoes transported by
trains in February 2009 were recorded at 1.42 million tons or a
decline by 7.01 per cent.
In the January-February 2009 period, the number of passengers
totalled 28.36 million, or a decline of 3.54 per cent, and the
volume of cargoes was 2.94 million tons, or a drop of 6.06 per
cent compared with those in the corresponding period in 2008.
The number of passengers in the sea transportation in the
January-February 2009 period reached 929,800, which was
declining by 2.98 per cent compared with that in the same period
a year earlier.
At the same time, the number of passengers in the domestic air
transportation was recorded at 2.43 million, or a decline of
10.55 per cent. The same case was true to air passengers for
foreign destinations, where the number of passengers declined
7.68 per cent to 502,400.
---------------------------
Indonesia Doubted To Be Able To Implement Cabotage Principle
JAKARTA, April 1 Asia Pulse - Doubt begins to linger over the
readiness of Indonesia to fully implement the cabotage principle
as scheduled in 2011.
The country will need many additional ships to be able to fully
implement the cabotage principle, which bans foreign ships from
carrying domestic cargoes.
The principle has been implemented by phases following the
presidential instruction in 2005.
Under the principle, foreign ships are still allowed to carry
coal and oil commodities but only up to a deadline several
months from now, Sea Transport Director General Sunaryo said.
Bambang Sunsanto, a deputy at the office of the chief economic
minister said the country needs at least 654 medium sized ships
valued around US$4.6 billion to be ready fully take over the
jobs in domestic shipping.
Financial support from banks will be needed , but most banks are
still reluctant to provide credits for shipping industry , which
is considered carrying high risk, the news paper Investor Daily
said.
----------------------------
Indonesia's Growth To Depend On Domestic Consumption: BPS
JAKARTA, April 2 Asia pulse - The Central Board of Statistics
(BPS) said Indonesia's economic growth still could be boosted if
domestic consumption increased drastically.
"It is the domestic consumption that can help economic growth
because our export continues to go down while investment is
still running at a moderate rate," BPS chairman Rusman Heriawan
said on Wednesday.
He said that the 2009 state budget had set an economic growth
target of 4.5 - 5.5 per cent while Bank Indonesia (BI the
central bank) had predicted that Indonesia's economic growth
this year would grow at a rate between 3.0 and 4.0 per cent.
The BPS chairman said that the government's fiscal stimuli
should be implemented immediately so that it would soon boost
the activities of economic expansion by the private sector and
the people.
"Social expenditures should be high so that it could generate
industry which has lost its export market. Now the market that
still could develop is the domestic market that needs to be
boosted with fiscal stimulus so that the purchasing power of the
people could be raised," he said.
Heriawan said that up to now domestic consumption was still at a
normal level which indicated that there was still a chance to
boost it further in order to support the economic growth.
"The people's consumption is apparently still strong as it seems
that no market has experienced gloom," the BPS chairman added.
------------------------------
Indonesia's Steel Imports Down 39.6%
JAKARTA, April 2 Asia Pulse - Indonesia's steel imports were
valued at US$1.08 billion in the first two months of this year,
down 39.6 per cent from the same period last year.
Despite the decline, imports continue to hurt the domestic
industry as indicated by the low capacity utilization of the
country's steel factories now averaging 42 per cent.
Executive Director of The Indonesian Association of Iron and
Steel Industry Hidajat Triseputro , however, noted improvement
in the first two months of this year.
Excess in stocks from the last quarter of 2008 has started to
decline, Hidajay told the newspaper Investor daily.
Strong demand earlier in 2008, boosted steel production but the
financial crisis in the last quarter of that year dampened the
market resulting in large stocks.
-------------------------------
Portion Of Primary Goods In Indonesian Export Too Big: Economist
JAKARTA, April 2 Asia pulse - The composition of primary goods
in Indonesia's exports is too big so that Indonesia's export
performance in the current global economic crisis is declining,
an economic observer said.
"The Central Bureau of Statistics (BPS) report that our exports
dropped in January and February makes sense because the portion
of primary goods in our exports is too big," said Hendri
Saparaini, an economist of the Awaken Indonesia Team (YIB), said
here on Wednesday.
He said the drop in Indonesia exports in January and February
2009 was more caused by a decline in the prices of primary
commodities in the world market.
"About 63 per cent of our exports in 2007 consisted of
unprocessed primary goods," he said.
The performance of Indonesia's exports in 2007 and in early 2008
was still relatively good because demand for primary goods in
the world market was high.
"After all, the prices of primary goods at that time were still
good. But now the prices have dropped," the economic observer
said.
To reverse the trend, he said. Indonesia should be able to
produce goods with added value and stop exporting goods in the
form of raw materials.
By turning out commodities with added value, Indonesia would
have a sharper competitive edge in the world market.
In the meantime, the Central Bureau of Statistics reported that
Indonesia's exports in the January-February 2009 period dropped
by 34.52 per cent compared with a year earlier.
BPS head Rusman Heriawan in his report said that Indonesia's
exports in the first two months of 2009 reached US$14.23
billion. Exports in February 2009 stood at US$7.08 billion,
which showed a decline by 1.02 per cent compared with that in
January 2009.
However, if the exports in February 2009 are compared with those
in February 2008, the decline stood at 36.86 per cent.
-----------------------------
15 Indonesian Firms May Export Without Letter Of Credit
JAKARTA, April 2 Asia pulse - Fifteen Indonesian mining
companies and CPO producers with long-term contracts with their
buyers, will be allowed to export their commodities without
Letter of Credit (L/C).
The statement was made by Director General of Foreign Trade at
the Ministry of Trade Diah Maulida in Jakarta Wednesday, adding
that most of these privileged companies are coal exporters which
were supposed to use an L/C in the export of their commodities
as of April 1, 2009.
The postponement in using L/C for the 15 companies is valid
until August 31, 2009, after which the export of all mining
commodities, tin, CPO, coffee, and rubber, needs to use an L C.
Maulida added that these companies, however, when exporting
their commodities are required to mention the method of their
transaction payments in their goods export notification (PEB).
Earlier, the trade ministry received 14 applications a mining
company and four CPO producers for a postponement of exports
with L/C.
The government required the use L/C as of April 1, 2009, for the
export of mining commodities, tin bars and CPO, while for the
export of coffee and rubber, this ruling will be imposed as of
August 31.
Under Decree of the Minister of Trade No.10/2009 on the use of
L/C in exports, the export of these commodities whose value is
higher than 1 million US dollars, must use an L/C.
------------------------------
PT Mitra Adiperkasa Reports Loss Despite Increase In Income
JAKARTA, April 2 Asia Pulse - Publicly listed Indonesian retail
company PT Mitra Adiperkasa (JSX:MAPI) reported loss of Rp69.7
billion (US$6.3 million) despite an increase in sales in 2008.
Mitra recorded a 24 per cent increase in sales to Rp4.85
trillion in 2008 from Rp3.91 trillion in the previous year.
Foreign exchange loss of Rp280 billion caused the setback in the
performance of the company last year after posting a net profit
of Rp115.4 billion in the previous year, a company official said.
The company posted Rp1.84 trillion in gross profit up 22 per
cent and Rp303 billion in operating profit up 14 per cent,
investor relations officer Ratih D Gianda was quoted as saying
by the newspaper Investor Daily.
-----------------------------
Indonesia's Lippo Karawaci Posts $33.6 Mln In Net Profit
JAKARTA, April 1 Asia Pulse - Indonesia's PT Lippo Karawaci
(JSX:LPKR) recorded Rp371 billion (US$33.6 million) in net
profit in 2008 or a 5 per cent increase from Rp353 billion in
the previous year.
All divisions including property and non property divisions
recorded an increase in sales contributing to the rise in net
profit, its President Eddy Handoko said.
Sales rose 22 per cent to Rp2.6 trillion from Rp2.1 trillion
with gross profit rising to R1.2 trillion from Rp1.1 trillion.
Health care and infrastructure divisions were the largest
contributors to the income of the company in 2008, Eddy said.
Eddy said this year the company will expand business in housing
and land development, healthcare, and infrastructure sectors.
-----------------------------
Indonesia's Fish Exports Projected At 4 Million Tons This Year
BENGKULU, April 1 Asia Pulse - Indonesia has projected its fish
exports at four million tons worth US$2.8 billion this year.
Director General of Fish Management and Marketing at the Marine
and Fishery Ministry Prof Martani Husainai said here on Tuesday
that the projection was little bit higher than last year's
USD2.6 billion.
"While Indonesian's fish consumption was still high, production
capacity reached only four million tons per year," he said.
Furthermore, Martani said till now the United States is still
the biggest destination of Indonesia's fish exports, followed by
Japan and the European Union.
According to him, the lack of facilities and infrastructure for
fish catching and processing in some regions had caused
Indonesia's fish production to be low, while Indonesia's waters
are still abundant with fish.
"Bengkulu's waters for instance, are abundant in fish, but it
still lacked the infrastructure," he said.
In the western region, West Sumatra province was the biggest
producer of special fishes such as Tuna, and according to him
this condition should be used by Bengkulu to cooperate in a bid
to increase the fish production.
In the meantime, head of the marine and fishery representative
office in Bengkulu, Maman Suherman said his side was building a
national fish port in Bengkulu to make use of the existing fish
potentials in that waters.
----------------------------
The Jakarta Globe
Friday, April 3, 2009
Higher Soybean Demand Seen for Indonesia
Singapore. Indonesia, the largest US export market for soybeans
in Southeast Asia, is likely to increase purchases of the beans
this year, a US executive said, despite an overall decline in
demand in Southeast Asia predicted at as much as 10 percent.
The country’s slowing economy may boost spending on tofu and
tempe, made from fermented soybeans and used as a meat
substitute, the American Soybean Association’s regional
director, John Lindblom, said in an interview in Singapore on
Wednesday, without providing a forecast.
The American Soybean Association represents 22,000 soybean
farmers in the United States.
“We’re selling a lot of soybeans in Indonesia,” Lindblom said.
“This economic crisis must be hurting them. When the economy is
good again, they’ll probably switch back to meat.”
Indonesia’s use of soybeans as a meat substitute goes against
the overall trend in Southeast Asia, where the beans are used
more for livestock feed, he said. For this reason, demand for
soybean meal in the region is expected to decline by as much as
10 percent as people seek to replace meat in their diet and lack
of credit hurts small livestock farmers and feed millers,
Lindblom said.
Use of the meal as an ingredient in feed for pigs, poultry and
shrimp, may drop from 9.5 million metric tons last year,
Lindblom said.
“A lot of the smaller feed millers, small pig and poultry
farmers in the Philippines and Thailand couldn’t compete because
of the high prices,” he said.
Borrowing costs surged after Lehman Brothers Holdings Inc.
collapsed in September, prompting some banks to hoard cash and
choking off lending to small feed millers and livestock farmers.
“Since last year, a lot of exporters were already starting to be
more selective of their customers, taking a closer look at their
credit worthiness,” Lindblom said.
Soybean meal futures declined 11 percent in Chicago in the past
year. The contract for May delivery gained 0.6 percent to
$296.10 a ton on the Chicago Board of Trade at 11:41 a.m.
Singapore time on Thursday. Bloomberg
------------------------------------------
BP Expected To Announce Plan To Sell BP West Java
JAKARTA, April 2 Asia Pulse - Oil giant BP is expected to
announce plan to sell its subsidiary BP West Java Ltd, which has
a 46 per cent stake in the project of Offshore North West Java
(ONWJ)
BP ONWJ is one of the largest operators of offshore oil fields
in Indonesia with its working area expanding in the Java Sea
from Cirebon to the Thousand islands.
The announcement by BP is expected after the Upstream Oil and
Gas Regulator (BP Migas) agrees to allow potential buyers to
access its data room.
The data room holds data of the oil and gas fields of BP West
Java including reserves needed by the potential buyers, Nico
Kanter, country head of BP Indonesia said.
The BP Migas agreement will mark the start of process of sales,
Kanter said, adding interesting investors may make their offer
based on the data.
A final deal is expected to be signed by the end of this year,
he was quoted as saying by the newspaper Investor Daily.
---------------------------
Indonesia Govt Advised To Resist Japanese Pressure Over Senoro
JAKARTA, April 2 Asia pulse - The Indonesian government should
not let itself be dictated by Japan with regard to the liquefied
natural gas (LNG) refinery project in the Senoro field in
Southeast Sulawesi, an energy observer said on Wednesday.
Energy affairs observer Pri Agung Rakhmanto said a letter sent
by Japanese ambassador to Indonesia Kojiro Shiojiri on the slow
progress in the Senoro refinery project was a form of
intervention, although such a letter was normal in the energy
business.
"This is because energy, economically and politically, is a
strategic commodity for a country," he said.
He said the government should have the courage to take a firm
decision with regard to the price and the designation of its gas
production.
A similar view was expressed by Sofyano Zakaria, executive
director of the Public Policy Studies Center (Puskepi).
"It is inappropriate for the Japanese ambassador to intervene in
the Senoro project because the project is a matter of business
relations between state-owned oil company Pertamina, Medco and
Mitsubishi," he said.
He said the government should be consistent in implementing
existing regulations on the oil and gas industry.
Wanandi said companies involved in the Senoro gas project should
comply with their 25 per cent domestic market obligation (DMO)
based on Law No.22 / 2001 on oil and gas.
"This is despite the fact that the work contracts were made in
1997 before the law on oil and gas was enacted in 2001," he
added.
In fact, he said, in the absence of the law, the government
could oblige Pertamina and PT Medco Energi Internasional Tbk
(JSX:MEDC) to sell their gas to the market at home and not
export it.
In his letter, the Japanese ambassador asked President Susilo
Bambang Yudhoyono to realize the LNG project soon because it
involved Mitsubishi Corporation (TSE;8058), which, he said,
could affect the energy relations between Japan and Indonesia.
In the project, which is expected to have a production capacity
of 2.1 million tons per annum and to begin operation in 2013,
Mitsubishi has a 51 per cent stake while Pertamina and Medco
have 29 per cent and 20 per cent stakes, respectively.
--------------------------
Jakarta Consortium To Finance 16 Power Projects
JAKARTA, April 2 Asia Pulse - A consortium of regional
administration banks (BPD) led by Jakarta's BPD (PT Bank DKI)
has agreed to provide Rp5 trillion (US$454 million) to finance
the construction of 16 steam powered electric plants outside
Java.
President of PT Bank DKI Winny Erwindia said the consortium
would group 22 BPDs, with Bank DKI as the lead arranger, and
Bank Papua, Bank Jatim and Bank Kaltim as co-arrangers.
Bank DKI alone would contribute up to Rp1 trillion to the
credit, she said.
The fund was expected to be available this month, pending an
endorsement by the finance minister that guarantees the projects.
The guarantee by the government would benefit the banks, with
less risk to be faced and in lending to the maximum limit, she
was quoted as saying by the newspaper Investor Daily.
----------------------------
Platts Commodity News
April 2, 2009
Indonesia's Petral fails to buy 88 RON gasoline for midApril
Singapore -- Indonesia's Petral, the trading arm of state-owned
oil and gas company Pertamina, has failed to award a tender to
buy 88 RON gasoline for mid-April as it considered the offers
received as too high, trading sources said Thursday.
The tender sought a 200,000-barrel cargo for delivery over April
14-16 into Jakarta.
The lowest offer submitted into the tender was at a premium of
around $2/barrel to the Mean of Platts Singapore 92 RON gasoline
assessments on a CFR basis, market sources said. However, this
was considered high compared with Pertamina's recently concluded
term premium of 65 cents/b, on a delivered basis, for the second
quarter.
Petral has yet to seek alternative cargoes for the month.
Pertamina plans to import 4.5-5 million barrels of gasoline in
April, and has so far tied up 4.4 million barrels of 88 RON and
92 RON gasoline imports, sources said.
Irene Tang, irene_t...@platts.com
-----------------------------
Indonesia Jan-Feb Avg Crude,Condensate Prodn 963,269 Bbl/Day
JAKARTA, April 1 (Dow Jones)--Indonesia's output of crude oil
and condensates averaged 963,269 barrels a day over the
January-February period, the Department of Energy and Mineral
Resources said in a statement on its Web site Wednesday.
In February, the production of crude and condensate averaged
966,845 barrels/day, 6,807 barrels a day higher than January's
average production of 960,038 barrels/day, as several oil
contractors increased production.
Between Jan. 1 and March 16, the production of crude and
condensates averaged 960,374 barrels/day, the statement said.
It also said Pertamina EP, a unit of state oil and gas firm PT
Pertamina, increased crude and condensate production by 694
barrels/day in February to 117,628 barrels/day.
PetroChina International Jabung Ltd. increased February output
by 4,168 barrels/day to 19,068 barrels/day as its Betara plant
came back online after maintenance, the statement said.
With this level of production, the 960,000 barrels/day crude and
condensate production target set in the 2009 state budget should
be achieved, it added.
------------------------
Platts Commodity News April 1, 2009
Chevron set to appoint Indonesian deepwater project contractors
Jakarta -- The Indonesian division of US oil major Chevron is
set to begin the process of appointing contractors to the
front-end engineering and design process for its deepwater
project in the country's Makassar Straits, a senior official
said Tuesday.
"The tender process for FEED will be done in the next few
months," said Chevron IndoAsia managing director Steve Green.
Chevron is expected to reach its final investment decision on
the deepwater project by 2011, according to Green.
The company had planned to invest $7 billion to develop the
deepwater areas, with first production of 150 million cu
feet/day scheduled to be on stream by 2013. This figure is set
to rise to a peak production rate of 900 million cu feet/day by
2015, according to the planning deputy of Indonesia's upstream
regulator BPMigas Achmad Luthfi.
In August 2008, the Indonesian government formally approved
Chevron's development plans in Gandang, Gendalo, Maha, Ranggas
and Gehem fields which are located in offshore East Kalimantan.
Chevron supplies gas to the Badak LNG plant in Bontang, East
Kalimantan to meet Indonesia's LNG commitments to Japan, South
Korea and Taiwan.
The deepwater areas are jointly owned by Chevron (80%) and
Italy's Eni (20%).
---------------------------
Platts Commodity News April 1, 2009
Indonesia to hike March Minas ICP by $3.81 to $48.51/b: source
Singapore -- Indonesia's upstream regulator BPMigas is expected
to hike the Indonesian Crude Price for Minas in March to
$48.51/barrel, which will be $3.81/b higher than the February
ICP of $44.70/b, an industry source said Wednesday.
However, the increase for the March ICP for Duri will be much
lower due to poor demand and low prices for fuel oil. The Duri
ICP is seen at $38.95/b, an increase of $2.77/b from the
previous month.
Indonesia settles the monthly ICPs based on an average of Platts
and RIM assessments. For March, the ICP for Ardjuna is expected
to settle at $48.15/b, $5.03/b higher than in February. BPMigas
is expected to settle the March ICPs for Cinta at $45.40/b, up
$4.12/b from February.
The March ICPs for the Indonesian grades are expected to be as
follows ($/barrel):
Jul Aug Sep Oct Nov Dec Jan Feb Mar
Minas 138.73 118.74 101.95 76.42 55.94 41.68 44.66 44.70 48.51
Attaka 139.67 119.77 102.52 73.45 51.46 42.34 43.72 44.38 48.72
Senipah 132.27 112.93 95.75 64.59 38.71 27.67 38.41 43.89 47.76
Ardjuna 135.27 115.02 99.32 69.89 48.50 38.76 41.99 43.12 48.15
Cinta 131.46 112.43 96.29 66.65 46.49 39.41 38.88 41.28 45.40
Duri 118.57 103.10 88.73 58.88 39.29 32.16 33.74 36.18 38.95
Widuri 131.95 113.02 96.92 67.28 47.24 38.70 39.55 40.76 43.66
Belida 139.86 119.98 102.79 73.75 51.33 41.19 43.18 43.81 48.16
Handil 135.42 115.17 99.47 70.04 48.65 38.91 42.14 43.27 48.30
Walio 138.53 118.54 101.75 76.22 55.74 41.48 44.46 44.50 48.31
Lalang 138.78 118.79 102.00 76.47 55.99 41.73 44.71 44.75 48.56
Calvin Lee, calvin_...@platts.com
-------------------------
TABLE-Indonesia March Minas crude rises to $48.51/bbl
TOKYO, April 1 (Reuters) - The official Indonesia Crude Price
(ICP) for Minas has been calculated at $48.51 a barrel for
March, an industry source with direct knowledge of the matter
said on Wednesday.
The March price was up $3.81 from February, when it was set at
$44.70.
The ICPs for key grades were calculated as follows, in dollars
per barrel:
CRUDE FEBRUARY MARCH CHANGE
Minas 44.70 48.51 3.81
Ardjuna 43.12 48.15 5.03
Senipah Condensate 43.89 47.76 3.87
Attaka 44.38 48.72 4.34
Cinta 41.28 45.40 4.12
Duri 36.18 38.95 2.77
Widuri 40.76 43.66 2.90
Belida 43.81 48.16 4.35
Handil Mix 43.27 48.30 5.03
Lalang 44.75 48.56 3.81
Badak 44.38 48.72 4.34
Walio 44.50 48.31 3.81
From July 2007, Indonesia Crude Price (ICP) formula uses average
prices assessed by Platts (50 percent) and Japan's Rim (50
percent). (Reporting by Osamu Tsukimori; Editing by Chris
Gallagher)
--------------------------
India's GMR eyes Southeast Asia energy deals
SINGAPORE, April 1 (Reuters) - India's GMR Infrastructure said
on Wednesday it had hired a former Temasek [TEM.UL] official to
head a new office in Singapore that will focus on power projects
in Southeast Asia.
Ng Quek Peng, the Singapore state investor's former managing
director for portfolio management, will oversee GMR's existing
operations in Southeast Asia and Australia as well as seek new
investment opportunities in the region.
"In the immediate future, we will concentrate more on power
generation because that is what is lacking, particularly in
Vietnam and Indonesia," Ng told reporters in Singapore.
GMR, which is headquartered in Bangalore, builds and manages
infrastructure projects such as airports and power plants. Its
operations in Asia outside of India include power generating
plants in the Philippines and Australia. (Reporting by Kevin
Lim; Editing by Neil Chatterjee)
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