Latest news with #PTPertamina
Reuters
16-07-2025
- Business
- Reuters
Trafigura says employee at Indonesia unit cooperating with corruption probe
JAKARTA, July 14 (Reuters) - Global commodities trading firm Trafigura said an employee at its Indonesian subsidiary has been cooperating with the authorities in a corruption investigation involving state energy company PT Pertamina. The Indonesian Attorney General's Office on Thursday named nine more people, including the employee at PT Trafigura, as suspects in an investigation into alleged corrupt activities between 2018 and 2023 that officials have said resulted in losses of 285 trillion rupiah ($17.58 billion) to the state. "We understand that the employee has been recently named a suspect in an investigation involving PT Pertamina," a Trafigura spokesperson said in an email. "Trafigura is providing appropriate legal representation to the employee. The company is awaiting further details about the specific allegations." The suspects were allegedly involved in improper imports of crude oil and fuel, improper shipping leases and fuel terminal lease procurements, the AGO said. ($1 = 16,215.0000 rupiah)
Reuters
02-07-2025
- Business
- Reuters
Philippines' Citicore expects nine-fold increase in solar capacity by 2026, CEO says
SINGAPORE, July 2 (Reuters) - Philippines-based Citicore Renewable Energy Corp ( opens new tab expects a nearly nine-fold increase in its solar installed capacity to about 2.56 gigawatts by 2026, Chief Executive Oliver Tan told Reuters in an interview on Wednesday. One of the Philippines' largest solar power producers behind ACEN Corp ( opens new tab, Citicore will add 1 GW of capacity by the end of this year, and a further 1.17 GW in 2026, Tan said. The company, in which the renewable energy arm of Indonesia's state-owned oil producer PT Pertamina bought a 20% stake this year, currently has 0.29 GW of installed solar capacity. Citicore's solar expansion plans are in line with the Philippines' push to decarbonise its grid, after years of slow progress made the Southeast Asian nation's grid the region's most coal-dependent in 2023, surpassing Indonesia. The Philippines' renewable capacity increased by a record 0.8 GW, or nearly 10%, to 9.2 GW in 2024, government data showed, with installations in the last year surpassing green capacity installed over the preceding three years combined. Six of Citicore's solar projects that will come online this year will be south of the capital Manila, while three will be in the country's north and one of them will supply the demand-heavy Visayas region, Tan said. The company's expected additions this year alone will boost the Philippines' installed solar capacity by nearly half from 2024 levels of over 2 GW. Solar currently accounts for about 3% of power generated in the country of over 115 million people, data from energy think-tank Ember showed, which the country wants to increase to 5.6% by 2030. Tan said the 2.17 GW of additions from now through 2026 would put the company on track to achieve its 2030 solar capacity target of 5 GW. It is also targetting 0.36 GW of wind capacity additions by 2027. The aggressive state push is likely to crowd out private power supply deals with corporations in the renewable sector this decade, Tan said. "We are likely to see the share of corporate power purchase agreements shrink this year as the government increases tendering of projects supplying the grid," he said.
Business Times
30-06-2025
- Business
- Business Times
Indonesia's sovereign wealth fund Danantara seeks up to US$10 billion loan: sources
[JAKARTA] Indonesian sovereign wealth fund Danantara is seeking a multicurrency borrowing of as much as US$10 billion, in what could be South-east Asia's largest loan, according to people familiar with the matter. Danantara, formally known as Daya Anagata Nusantara, sent a request for proposals to regional and international banks for a loan with tenors of around three to five years, the people said, who asked not to be identified discussing private matters. Lenders have been asked to provide underwritten commitments and proposals on an uncommitted basis, they added. The loan will be unsecured and will not carry any guarantee nor come with letters of comfort or support from the government, the people said, adding that proceeds will be for general corporate purposes. Danantara did not immediately respond to requests for comment. The fund, which reports directly to President Prabowo Subianto, is a core component of the president's vision to propel South-east Asia's largest economy to 8 per cent growth during his presidency. With Indonesian state-owned enterprises under its supervision – including some of the nation's largest banks, oil and gas giant PT Pertamina and the holding company for the government's mining interests – executives have suggested the fund will have more than US$1 trillion in assets. However, many of the details about how Danantara will operate are 'understandably' still unclear given its infancy, making it tricky to discern both the risks and the upsides, said Nicolas Painvin, global head of international public finance at Fitch Ratings in an interview with Bloomberg News in May. Earlier this month, Danantara's managing director Arief Budiman said that the sovereign wealth fund plans to invest in projects from eight sectors, including renewables, digital infrastructure and healthcare. The largest Indonesian loan was from the government itself, which raised a 3 billion euros (S$4.5 billion) facility in September 2023, according to Bloomberg-compiled data. The biggest borrowing from South-east Asia is a US$9.75 billion bridge loan that had backed a Singapore consortium's acquisition of soft drinks producer Fraser & Neave in November 2012, the data showed. The International Financing Review, or IFR, first reported on Danantara's loan. BLOOMBERG
Business Times
30-06-2025
- Business
- Business Times
Indonesia's sovereign wealth fund Danantara seeks up to $10 billion loan: sources
[JAKARTA] Indonesian sovereign wealth fund Danantara is seeking a multicurrency borrowing of as much as US$10 billion, in what could be South-east Asia's largest loan, according to people familiar with the matter. Danantara, formally known as Daya Anagata Nusantara, sent a request for proposals to regional and international banks for a loan with tenors of around three to five years, the people said, who asked not to be identified discussing private matters. Lenders have been asked to provide underwritten commitments and proposals on an uncommitted basis, they added. The loan will be unsecured and will not carry any guarantee nor come with letters of comfort or support from the government, the people said, adding that proceeds will be for general corporate purposes. Danantara did not immediately respond to requests for comment. The fund, which reports directly to President Prabowo Subianto, is a core component of the president's vision to propel South-east Asia's largest economy to 8 per cent growth during his presidency. With Indonesian state-owned enterprises under its supervision – including some of the nation's largest banks, oil and gas giant PT Pertamina and the holding company for the government's mining interests – executives have suggested the fund will have more than US$1 trillion in assets. However, many of the details about how Danantara will operate are 'understandably' still unclear given its infancy, making it tricky to discern both the risks and the upsides, said Nicolas Painvin, global head of international public finance at Fitch Ratings in an interview with Bloomberg News in May. Earlier this month, Danantara's managing director Arief Budiman said that the sovereign wealth fund plans to invest in projects from eight sectors, including renewables, digital infrastructure and healthcare. The largest Indonesian loan was from the government itself, which raised a 3 billion euros (S$4.5 billion) facility in September 2023, according to Bloomberg-compiled data. The biggest borrowing from South-east Asia is a US$9.75 billion bridge loan that had backed a Singapore consortium's acquisition of soft drinks producer Fraser & Neave in November 2012, the data showed. The International Financing Review, or IFR, first reported on Danantara's loan. BLOOMBERG
Malay Mail
23-06-2025
- Business
- Malay Mail
Indonesia's Pertamina to reroute oil shipments via Oman, India if Hormuz closes amid Iran-US tensions
JAKARTA, June 23 — Indonesia's state-owned oil and gas firm PT Pertamina will change its oil transportation routes to safer shipping lanes, such as via Oman or India, if the Strait of Hormuz is shut down, a spokesperson said on Monday. Fadjar Djoko Santoso, vice president of corporate communications at PT Pertamina, said the firm's vessels would use alternative shipping routes that ensure the safety of both ships and crew, reported Xinhua. Santoso made the statement following the approval by Iran's parliament of a possible closure of the Strait of Hormuz to shipping activities, in response to US strikes on Iran's nuclear facilities. 'Pertamina has anticipated this by securing our ships and diverting routes to safe passages via Oman and India,' he told reporters. The spokesperson added that the domestic crude oil supply for production remains sufficient and secure. 'In general, our crude supply is still under control,' he said. — Bernama-Xinhua
