Latest news with #Pangestu
Forbes
10-04-2025
- Business
- Forbes
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.
Forbes
01-04-2025
- Business
- Forbes
Indonesian Billionaire's Chandra Asri, Glencore Complete Purchase Of Shell's Singapore's Assets
Storage tanks at the Shell refinery at Pulau Bukom in Singapore on Wednesday, 25 August 2021. A joint venture backed by Indonesian billionaire Prajogo Pangestu's Chandra Asri and commodities trader Glencore has completed the acquisition of Shell's refinery and petrochemical assets in Singapore. Under the deal, which was first announced in May 2024, CAPGC—majority owned by Pangestu's Chandra Asri Pacific, a major petrochemicals company in Indonesia—will take over Shell's interests in Shell Energy and Chemicals Park Singapore, according to Shell. The assets acquired by CAPGC comprise a refinery capable of producing 237,000 barrels of oil per day and an ethylene cracker on Pulau Bukom as well as a petrochemical plant on Jurong Island. Financial terms of the transaction weren't disclosed but s previous Bloomberg report said the deal could be worth about $1 billion. Following the sale, Singapore remains a key part of Shell's operations in the region with the city-state continuing to be a regional hub for the energy giant's marketing and trading business. 'Shell continues to support Singapore's energy needs through its businesses in a range of energy products, including liquefied natural gas supply and trading,' it said. 'Shell also continues to grow its retail network while investing in electric vehicle charging infrastructure as the country transitions.' Jakarta-listed Chandra Asri is part of Pangestu's Barito Pacific, originally a timber company that the tycoon transformed into energy and petrochemicals behemoth. With a net worth of $32.5 billion when Forbes Asia last published the list of Indonesia's 50 Richest in December 2024, Pangestu is the country's second-richest person. He also holds a stake in coal mining firm Petrindo Jaya Kreasi which went public in 2023.
