- Indonesia Tangguh LNG Plant May Restart Fully By Oct -Official
- Indonesia Jan 1-Sep 24 Avg Oil Output 949,270 B/D -BPMigas
- Indonesia Releases Oil Stock To Make Up For Shortfall In Production
- Around 22 Of Indonesia's Oil Basins In Frontier Areas
- Indonesia's Bukit Asam Revises Down Sale Target
- PT Indonesia Power Seeking Additional Coal Supply
- PGN Supplies Gas To PLTGU Cilegon And PLTGU Tanjung Priok
- Indonesia's Jambi's Mineral Product Exports Down 99.20 Pct
Email Kerry at author@sidharta.com.au for the full report
- Indonesia buys 1.8 mln bbls Oct AsiaPac sweet crude
- Pertamina buys 240,000 T LPG from Bontang plant
- Hess to drill exploration well in Papua next yr - govt
- Interview-Australia's Arrow eyes funds for coal seam gas plans
Full resports courtesy Joyo News at: http://groups.google.com/group/joyonews/browse_thread/thread/fa96d8825873ba0e#
- Indonesia Aug gasoline imports seen up, diesel flat
- Pertamina Gets $400m Loan To Finance Expansion Efforts
- Conoco: Expect To Bring On North Belut In Indonesia In 3Q;
- ANALYSIS-Record Asia sweet crude arb a sign of things to come
(Courtesy Joyo News Service)
Full details at: http://groups.google.com/group/joyonews/browse_thread/thread/091be36af97cbda7#
- Indonesia Drops Plan For Independent Appraiser To Set NNT Value
- Indonesian Govt To Audit PLN's Request For Additional Subsidy Funds
- Indonesia's PT Timah Hopes To Expand Tin Market To North America
- Indonesia's Indika Nearer To Clinching Petrosea Deal
- Indonesia Lacks Funds To Develop Alternative Energy: Official
(Courtesy Joyo News Service)
Indonesia Drops Plan For Independent Appraiser To Set NNT Value
JAKARTA, June 18 Asia Pulse - Indonesia's finance ministry has
cancelled its plan to use independent appraisers to estimate the
price of the shares of PT Newmont Nusa Tenggara (NTT).
Earlier the government was reported to have listed six
independent appraisers to be selected to audit the PT Newmont
Nusa Tenggara (NNT) to help speed up the process of divesting
part of the shares of the company .
The divestment process has been delayed over price disagreement
between the government and Newmont, which controls the copper
and gold mining company.
Newmont has been ordered by an international arbitration court
to sell part of its shares based on its contract signed in 1986.
Mineral, Coal and Geothermal Director General Bambang Setiawan
said the finance minister said the government should pursue
negotiation to reach price agreement.
If further negotiations still failed the government may rely on
independent appraiser , Bambang said.
Based on its contract, Newmonth was to sell 7 per cent of its
shares in 2008 and another 7 per cent in 2009 to the government.
NNT has offered a price of US$426 million for 7 per cent stake
to be divested in 2008 and US$348 million for this year's 7 per
cent stake divestment
NNT claimed its assets were worth US$4.9 billion but the
government said the assets were worth only US$4 billion, the
newspaper Investor Daily said.
------------------------------
Indonesian Govt To Audit PLN's Request For Additional Subsidy
Funds
JAKARTA, June 18 Asia Pulse - The Indonesian government will
audit state electricity company PLN`s plan to propose Rp2
trillion-Rp3 trillion (US$294 million) in additional subsidy
funds for investment in new power connections before submitting
it to the House of Representatives (DPR), an official said.
Director General for Electricity and Energy Utilization Jacobus
Purwono said here on Wednesday PLN had not yet officially
proposed the additional subsidy to the government .
"But we will carry out an audit on it first to know the PLN`s
calculations, the amount really needed and the mechanism of the
funds` allocation," Purwono said before attending a working
meeting with the House`s Working Committee on electricity.
He said the option that could be taken in order to meet PLN`s
request was to use existing unspent subsidy funds.
Previously, PLN President Director Fahmi Mochtar had proposed
additional subsidy in an effort to overcome a shortage of funds
for the installation of new power connections.
He said that PLN only had Rp1 trillion in funds for the
installations of new power connections, while the need reached
Rp3 trillion-Rp3.5 trillion so that additional subsidy was
needed.
Purwono said earlier that it was quite possible for the
government to provide PLN with extra funding this fiscal year
for the installation of new power connections.
"But the additional subsidy will be disbursed following an audit
by the Supreme Audit Board (BPK)", he said.
Purwono added that officially PLN had yet to submit the figures
on the additional subsidy, but in an informal way, PLN had
submitted a proposal for Rp2 trillion in additional funds.
PLN was recently reported to have raised the cost of the new
connections without the government`s approval which is
contradictory to the Law.
Following objections from many circles, PLN canceled the
increase, saying that in meeting applications for new power
connections, it had only received Rp1 trillion from the
government while it actually needed Rp3 trillion.
-------------------------------
Indonesia's PT Timah Hopes To Expand Tin Market To North America
JAKARTA, June 18 Asia Pulse - Publicly-traded tin producer PT
Timah (JSX:TINS) said it is studying the possible expansion of
its tin market to North America.
The early targets were spot market buyers, depending on the
fluctuation of tin prices in the future, finance director of the
state company Krishna Syarif said.
Tin prices are hovering around US$11,000 - US$15,000 per ton at
present.
Krishna said that currently, sales on the spot market accounted
for around 20% of the company's total sales.
Around 55% of its production was exported to the Asia Pacific
region and 35% to Europe, adding that sales on the domestic
market were only 3%.
The company hoped to sell 50,000 tons of its tin production this
year, he said.
-----------------------------
Indonesia's Indika Nearer To Clinching Petrosea Deal
JAKARTA, June 18 Asia Pulse - PT Indika Energy (JSX:INDY),
Indonesia's third largest miner, said its shareholders had
approved its plan to acquire an 81.95 per cent stake in local
oil and gas and mining service contractor .
Indika, which has a coal producing subsidiary, already signed a
sales and purchase agreement to acquire 81.95 per cent of
Petrosea from Clough International Singapore Pte Ltd for US$83.8
million.
The deal is expected to be closed early this month
Indika President Director Arsjad Rasjid said the shareholders
told the company management to conduct further due diligence
study of Petrosea before finalizing the transaction.
The shareholders also approved plan to launch a tender offer for
Petrosea shares held by retail investors, Arsjad said, adding
18.05 per cent of Petrosea is owned by the public.
----------------------------
Indonesia Lacks Funds To Develop Alternative Energy: Official
BANDUNG, W Java, June 18 Asia pulse - Indonesia is rich in
potential alternative energy sources such as solar, hydro and
geothermal but does not have enough funds to develop them to
meet its energy needs, an energy official said.
"We have enough alternative energy potentials but we are
constrained by the huge investment needed to develop them,"
Marwansyah Lobobalia, an expert adviser to the minister of
energy and mineral resources, said on the sidelines of an energy
conference here.
He said so far Indonesia had only utilized about four per cent
of the three energy potentials but in 2025 it was expected that
the utilization of those energy types would reach 15 per cent.
The investment needed to build a geothermal power plant with a
4-MW capacity over five years, for example, was five times the
amount needed to build a thermal power plant.
Geothermal energy could become an alternative energy because it
was quite environment friendly and produced very little
dangerous emissions for the environment.
Marwansyah said the government was making efforts to develop
alternative energy sources so that they could be utilized.
"At present energy sources such as electricity and fuel oils are
being used inefficiently while finding alternatives is still
difficult. So, we all have to carry out efficiency in order to
save energy," he said.
He said that the government was still providing 30 per cent
subsidy for the electricity sector.
Oil Updates from Indonesia
- Platts: Pertamina Seeks First 2009 Spot Gasoil Import On Cilacap Outage
- Indonesia's Pertamina Seeks Extra Diesel Imports
- Pertamina: Seek 600,000 Bbl Extra Gasoil Imports For June
- Indonesia Min:Pertamina May Produce 172,000 B/D In 09-Antara
- Asia Crude-BPMIGAS sells July-Sept Belanak to Kernel
(Courtesy Joyo News Service)
Platts Commodity News
Wednesday, June 10, 2009
Pertamina seeks first 2009 spot gasoil import on Cilacap outage
Singapore -- Indonesia's state-owned oil and gas company
Pertamina is seeking its first gasoil import for 2009 following
an outage at its Cilacap refinery last week which has halted
gasoil production, trading sources close to the company said
late Tuesday.
"We have to import extra barrels of gasoil this month because of
the Cilacap shutdown, and we also want to increase our gasoil
stockpiles from 20 days currently," Pertamina's trading and
marketing official Achmad Faisal said, adding that the company
has no plans to import gasoline for June.
Pertamina had originally planned to import 6.2 million barrels
of gasoline and 2.4 million barrels of gasoil in June, Faisal
said.
The company's plan to import gasoil marks a sharp turn from the
beginning of the year, when it was inundated with rapidly
mounting gasoil stocks arriving from term shipments and
increased domestic production amid falling local demand.
A source close to the company confirmed that Pertamina would be
seeking spot cargoes through its trading arm Petral.
"No tender was issued for these spot cargoes," the source said,
adding that two cargoes, each 600,000 barrels, was being sought
for June 13-15 and end June delivery.
It is understood that Pertamina is still waiting for other
offers to trickle through as it has received just one offer for
a parcel of 300,000 barrels for the end-June requirement.
Petral could not be reached for comment.
It could not be confirmed if Pertamina was looking to import
spot gasoil beyond June deliveries, for the next few months, but
trading sources said that was unlikely given that these spot
purchases were driven by the outage at the Cilacap refinery in
Central Java.
Pertamina in early June had shut down its 230,000 b/d crude
distillation unit after a tube broke at one of its crude units,
causing a fire. The unit was only expected to be down for one to
two days but repairs took longer than expected. A senior
official said the unit was restarted Tuesday but has been
running at a low rate, and is expected to be fully operational
by the end of this week.
The plant's second CDU with a capacity of 118,000 b/d is running
normally, a company source said last week.
The resumption of spot imports indicates that Pertamina's gasoil
inventory has slipped from lofty levels seen earlier this year.
At its height, the company racked up a gasoil stockpile of 35
days, up from its normal reserve level of 25 days.
Diminished local demand, increased production of gasoil from
domestic refineries as well as excess term imports forced the
refiner to take drastic measures to trim overflowing storage
levels, some of which included canceling gasoil cargoes from
term suppliers for the second quarter, as well as implementing a
ban on local companies seeking to import gasoil into the country.
In the past, Pertamina frequently purchased gasoil cargoes from
the spot market and in 2008, the company issued regular spot
tenders from July through to September seeking around
200,000-800,000 barrels of 0.35% sulfur gasoil each month.
Clarice Chiam, clarice_ch...@platts.com
Anita Nugraha, newsd...@platts.com
------------------------------
Indonesia's Pertamina Seeks Extra Diesel Imports
JAKARTA, June 10 (Reuters) - Indonesia's Pertamina is seeking an
extra 600,000 barrels of diesel in June, following an outage at
its Cilacap refinery unit last week and to boost diesel stocks
currently at 20 days, a company director said on Wednesday.
State oil and gas firm Pertamina shut down its crude
distillation unit (CDU) at Cilacap refinery in Central Java due
to a fire last week.
On Tuesday Pertamina restarted the affected unit, which has a
capacity of 230,000 barrels per day.
"We need to import an extra 600,000 barrels diesel because of
the shutdown at Cilacap refinery on top of our initial import
plan for June," Achmad Faisal, Pertamina's marketing director
told reporters.
Cilacap refinery, Indonesia's biggest, has two CDUs. The other
unit has a capacity of 118,000 bpd.
The company said in May it would import 2.4 million barrels of
diesel oil in June.
"We also want to increase diesel stocks, which are currently at
20 days," Faisal said.
Diesel stocks had been steady since before the shutdown on June
3.
"We have no problem with gasoline as we have enough stocks for
20 days," Faisal said.
Traders in Singapore welcomed fresh Indonesian requirements amid
tepid Asian demand.
"Every little bit helps. I would think Pertamina needs to buy
(diesel) with the Cilacap problems. The election is going on,"
said a trader in the city-state.
Singapore gas oil timespread was last pegged at 10 cents a
barrel in backwardation.
Indonesia is Asia's biggest importer of diesel and gasoline.
Pertamina's nine refineries have a combined capacity of around 1
million bpd. But it only supplies 70 percent of domestic oil
product consumption and 30 percent comes from imports.
(Reporting by Muklis Ali and Felicia Loo, writing by Fitri
Wulandari, editing by Ben Tan)
----------------------------
Pertamina: Seek 600,000 Bbl Extra Gasoil Imports For June
JAKARTA, June 10 (Dow Jones)--Indonesian state oil company PT
Pertamina is seeking 600,000 barrels of extra gasoil imports
this month to increase its stocks from the current level of 20
days' usage equivalent, the company's marketing director told
reporters Wednesday.
However, Achmad Faisal didn't specify the total amount of gasoil
Pertamina will import this month.
Local media reported earlier this week, prior to the Pertamina's
announcement it will seek extra gasoil, that the company
previously planned to import 2.2 million barrels of the fuel.
Faisal also said Pertamina's gasoline stock levels are "no
problem," but didn't elaborate.
--------------------------
Indonesia Min:Pertamina May Produce 172,000 B/D In 09-Antara
JAKARTA, June 10 (Dow Jones)--Indonesian state oil company PT
Pertamina may produce 171,900 barrels a day of crude this year,
up from 150,000 barrels/day last year, state news service Antara
reported Wednesday, citing Indonesia's oil minister.
The report cited Yusgiantoro Purnomo, Minister for Energy and
Mineral Resources, as saying Pertamina will optimize production
at its Sukowati, Tambun, Limau and Polent oil fields to achieve
the increase in output.
News service web site: http://www.antaranews.com
---------------------------
Asia Crude-BPMIGAS sells July-Sept Belanak to Kernel
SINGAPORE, June 10 (Reuters) - Indonesian state oil regulator
BPMIGAS has awarded a semi-term tender to sell 300,000 barrels a
month of Belanak crude for loading between July and September to
Singapore-based trader Kernel, traders said on Wednesday.
BPMIGAS sold the light sweet crude at a premium of around $3.50
a barrel to the grade's Indonesia Crude Price (ICP), they said.
BPMIGAS last awarded a semi-term tender to sell 900,000 barrels
a month of Belanak for loading between February and April to
PetroTitan, the Singapore-based trading arm of Hong Kong-listed
Titan Petrochemicals.
In spot tender, BPMIGAS last sold 600,000 barrels of Belanak for
February loading at a premium between 10 and 20 cents to its
ICP, together with 300,000 barrels of heavy sweet Duri, to U.S.
oil major Chevron. (Reporting by Judy Hua; Editing by Ramthan
Hussain)
