Latest news with #Banten
CNA
07-07-2025
- Business
- CNA
Lotte Chemical Titan secures $3 billion ethylene supply deal in Indonesia
NEW DELHI :Malaysia's Lotte Chemical Titan said on Monday that its Indonesia-based subsidiary has agreed to a 10-year ethylene supply deal worth around $3 billion with its downstream petrochemical producer, Lotte Chemical Indonesia Nusantara. Lotte Chemical Indonesia (LCI), which recently commissioned a cracker in Indonesia's Banten province, will sell 350,000 tonnes of ethylene annually to Lotte Chemical Indonesia Nusantara (LCTN) beginning in September. Lotte Chemical Titan indirectly controls a 92.5 per cent stake in Lotte Chemical Titan Nusantara. Lotte Chemical Corp's large-scale petrochemical plant, LCI, in Banten province, is 51 per cent owned by Lotte Chemical Titan.
Reuters
07-07-2025
- Business
- Reuters
Lotte Chemical Titan secures $3 billion ethylene supply deal in Indonesia
NEW DELHI, July 7 (Reuters) - Malaysia's Lotte Chemical Titan said on Monday that its Indonesia-based subsidiary has agreed to a 10-year ethylene supply deal worth around $3 billion with its downstream petrochemical producer, Lotte Chemical Indonesia Nusantara. Lotte Chemical Indonesia (LCI), which recently commissioned a cracker in Indonesia's Banten province, will sell 350,000 tonnes of ethylene annually to Lotte Chemical Indonesia Nusantara (LCTN) beginning in September. Lotte Chemical Titan indirectly controls a 92.5% stake in Lotte Chemical Titan Nusantara. Lotte Chemical Corp's ( opens new tab large-scale petrochemical plant, LCI, in Banten province, is 51% owned by Lotte Chemical Titan.
Forbes
27-06-2025
- Business
- Forbes
Tycoon Hilmi Panigoro-Backed Medco Energi To Buy Repsol's Indonesian Gas Field Stake For $425 Million
The exhibit by Medco Energi International Tbk at the Indonesia Petroleum Association (IPA) ... More Convention in Tanggerang, Banten, Indonesia, on Tuesday, July 25, 2023. Photographer: Dimas Ardian/Bloomberg Medco Energi Internasional—backed by tycoon Hilmi Panigoro and his family—has agreed to buy Spanish energy giant Repsol's 24% stake in the Corridor Block for $425 million, giving it a controlling interest in Indonesia's third-largest gas field. Once the transaction is completed in the third quarter of this year, Medco's stake in the Corridor Block will increase to 70%, while Indonesian state-run Pertamina Hulu Energi Corridor will hold the rest, the Jakarta-listed company said in a statement on Thursday. "This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future,' Hilmi Panigoro, president director of Medco Energi said in the statement. Located in South Sumatra, the Corridor Block—comprising seven gas fields and an oil field—produced 58,000 barrels of oil equivalent per day last year. It has long-term contracts with customers in Indonesia and Singapore. Medco Energi has been scaling up its oil and gas assets. Last year, it produced over 124,000 barrels of oil equivalent per day, according to its latest annual report. With a net worth of $3.25 billion, Panigoro and his family are among the wealthiest in Indonesia. Medco Energi, which was founded in 1980 by his late brother Arifin, teamed up with billionaire Agoes Projosasmito in 2016 to buy Amman Mineral for $2.6 billion. The mining firm went public in 2023, raising $710 million from its IPO.
Free Malaysia Today
16-06-2025
- Business
- Free Malaysia Today
Indonesia invites foreign stakes in US$80bil seawall
Indonesian President Prabowo Subianto said he would form an agency to run the giant seawall project. (EPA Images pic) JAKARTA : Foreign investors are invited for Indonesia's plan to build a US$80 billion seawall hundreds of kilometres long to prevent floods along the north coast of its most populous island Java, president Prabowo Subianto said today. The seawall project expands on a 2014 plan by the capital Jakarta's government to protect the city from rising sea levels and land subsidence that have caused frequent flooding along the north Java coast. Prabowo said he would form an agency to run the giant seawall project, stretching from Banten to East Java provinces and which could take 20 years to complete. Officials have said the wall would be about 700km long. 'One of the most vital infrastructure projects, which is a mega project, that we need to do promptly is the giant seawall across the northern Java coast,' Prabowo said in a speech at an infrastructure event. '(Sea) waters have threatened the lives of our people,' he said, citing some towns in central Java. Sea levels along Indonesian coasts rose an average of 4.25mm annually from 1992 to 2024, but the rate has accelerated in recent years due to climate change, according to the country's meteorology, climatology and geophysical agency. Prabowo said he had invited investment from countries such as China and Japan, without elaborating. Experts say Jakarta is sinking due to excessive extraction of groundwater, leading the central government to plan its move to a new capital in the jungles of Borneo island.
Bloomberg
12-06-2025
- Business
- Bloomberg
Indonesia Plans to Start Building $80-Billion Giant Sea Wall
Takeaways NEW Indonesia will begin the construction of a giant sea wall that will stretch hundreds of kilometers along the nation's main Java island to prevent flooding and coastal erosion, President Prabowo Subianto said. The sea wall is estimated to cost $80 billion and take about 20 years to build, Prabowo said in a speech to investors at the International Conference on Infrastructure in Jakarta on Thursday. It will span at least 500 kilometers from the island's westernmost city of Banten to the Gresik regency in East Java.
