Indonesian Billionaire Prajogo Pangestu's Petrosea Wins $954 Million Mining Contract From Vale
Petrosea—a provider of mining engineering services backed by Indonesian billionaire Prajogo Pangestu—said it won a 16 trillion rupiah ($954 million) contract from the Indonesian unit of Vale, deepening its partnership with the Brazilian miner.
Under the deal, Jakarta-listed Petrosea will provide Vale Indonesia nickel mining and transport services from its mines in Morowali in central Sulawesi—about 2,500 kilometers east of Jakarta—for the next 10 years, according to an exchange filing earlier this week.
Vale's nickel mine in Morowali covers nearly 23,000 hectares and has a production capacity of 73,000 tons per year. The ore will supply a nickel smelter operated by Vale and its partner, located in the southeastern part of Morowali.
Last July, Petrosea also won a 2.8 trillion rupiah contract from Vale to procure and build a mine in the Pomalaa block, located in southeast Sulawesi. That boosted the company's order book to more than 64 trillion rupiah by the end of 2024.
With a real-time net worth of $15 billion, Pangestu ranks among Indonesia's wealthiest individuals. He holds stakes in coal mining company Petrindo Jaya Kreasi, the biggest shareholder Petrosea, as well as in Barito Renewables—both of which went public in 2023.
Apart from his mining assets, Pangestu has been expanding his interests in energy and petrochemicals. A joint venture backed by Pangestu's Chandra Asri and global commodities trader Glencore recently completed the acquisition of Shell's refinery and petrochemical assets in Singapore.
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