Latest news with #TriWinarno
Yahoo
21-05-2025
- Business
- Yahoo
Indonesia Signs Swap Deals to Ensure Domestic Gas Supply
Indonesian natural gas producers have signed a multi-party gas swap agreement with Indonesian and Singaporean traders aimed at increasing gas supply security in western Indonesia. As gas production in Sumatra in western Indonesia is falling, local companies and regulators looks to redirect domestic gas supply to meet local demand while selling overseas gas from other areas. In a deal signed on Wednesday, Indonesian gas producer Medco Energi Internasional signed a multi-party swap agreement with companies including state energy firm PT Pertamina and Singaporean and Indonesian gas traders Oil Natuna Sea B.V., Star Energy (Kakap) Ltd., Sembcorp Gas Pte Ltd., Gas Supply Pte Ltd., Petrochina International Jabung Ltd., and PT Perusahaan Gas Negara (Persero) Tbk (PGN). Under the agreement, specific gas volumes will be supplied to Singapore from the West Natuna Supply Group, replacing volumes currently delivered from Corridor Block and Jabung PSC, the so-called South Sumatra Sellers. These redirected volumes will then be allocated to meet domestic gas demand, with PGN serving as the domestic buyer. 'This collaboration demonstrates a strong example of productive synergy between upstream operators, the regulator, partners and buyers in ensuring gas supply across both domestic and international markets,' MedcoEnergi director and chief operating officer, Ronald Gunawan, said in a statement. Indonesian gas demand is rising, while production at some legacy gas fields is dropping. The country has started replacing diesel as a fuel in dozens of power plants with LNG, which is set to boost demand for natural gas in one of the world's top LNG exporters. Last month, Indonesia awarded five strategic oil and gas blocks to international and domestic players in a bid to reverse its decade-long production decline and bolster energy security. The awards are part of Indonesia's broader upstream revival strategy, with nearly 60 additional blocks expected to be offered over the coming years. 'The government hopes these auction winners will be able to contribute to Indonesia's energy security ahead,' said Tri Winarno, a senior official at the Ministry of Energy and Mineral Resources. By Charles Kennedy for More Top Reads From this article on
New Straits Times
22-04-2025
- Business
- New Straits Times
South Korea's LG Energy Solution exits from US$8.4bn Indonesia project
JAKARTA: South Korea's LG Energy Solution said on Tuesday it had withdrawn from a multibillion-dollar project to build electric batteries in Indonesia, citing a range of issues including the "investment environment". The company signed a 142 trillion rupiah (US$8.4 billion) deal in 2020 on the so-called Grand Package project, which aimed to establish a local electric vehicle battery value chain in the country. "Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project," it told AFP in a statement. "However, we will continue to explore various avenues of collaboration with the Indonesian government, centring on the Indonesia battery joint venture, HLI Green Power." HLI Green Power, a joint venture between LG Energy Solution and Hyundai Motor Group, operates Indonesia's first electric vehicle battery plant, which was launched in 2024 with a production capacity of up to 10.00 Gigawatt hours (GWh) of cells annually. Indonesia has been seeking to position itself as a key player in the global EV supply chain by leveraging its vast nickel reserve to attract investment. Tri Winarno, director-general of coal and mineral of the energy and mineral resources ministry, did not immediately reply to AFP's request for comment. But local media quoted him as saying on Monday that the withdrawal would not impact the country's nickel downstreaming agenda, while expressing optimism the government would find other partners to further its electric vehicle ambitions.
Business Times
21-04-2025
- Business
- Business Times
South Korea's LG Energy Solution pulls out of Indonesia EV battery investment
[JAKARTA] South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah (S$11 billion) project to develop electric vehicle battery making in Indonesia, the company said on Monday (Apr 21). LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the South-east Asian country. 'Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,' LGES said in a statement. 'However, we will continue to explore various avenues of collaboration with the Indonesian government, centreing on the Indonesia battery joint venture, HLI Green Power,' it added. HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment. Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country's rich nickel reserves, said energy ministry official Tri Winarno. 'Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,' he told reporters. Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production. State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment. REUTERS
Business Recorder
21-04-2025
- Business
- Business Recorder
South Korea's LG Energy Solution pulls out of Indonesia EV battery investment
JAKARTA: South Korea's LG Energy Solution has formally withdrawn from a 142 trillion rupiah ($8.45 billion) project to develop electric vehicle battery making in Indonesia, the company said on Monday. LGES and the Indonesian government signed a deal on the so-called Indonesia Grand Package project in late 2020, which includes investments across the EV battery supply chain in the Southeast Asian country. 'Taking into account various factors, including market conditions and investment environment, we have agreed to formally withdraw from the Indonesia GP (Grand Package) project,' LGES said in a statement. 'However, we will continue to explore various avenues of collaboration with the Indonesian government, centering on the Indonesia battery joint venture, HLI Green Power,' it added. HLI Green Power, a joint venture led by LGES and Hyundai Motor Group, last year inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours. It has plans to expand the capacity in the second phase of investment. India ends import duty for items needed to make EV batteries, phones Indonesia will continue to seek foreign investors to partner with local companies to develop the battery industry, leveraging the country's rich nickel reserves, said energy ministry official Tri Winarno. 'Even though LG has exited, Indonesia remains convinced our nickel is more competitive than other countries,' he told reporters. Indonesian state-controlled miner Aneka Tambang, which had planned to form a JV with LGES to mine nickel, said it remained committed to work with other companies to supply nickel for battery production. State firm Indonesia Battery Corporation, which had also planned to partner with LGES, did not respond to requests for comment.
Yahoo
18-04-2025
- Business
- Yahoo
Indonesia awards five oil and gas blocks to boost reserves
Indonesia has granted five oil and gas exploration blocks to various companies, marking a strategic move to bolster its declining oil and gas reserves and enhance national energy security, reported Reuters. This initiative is part of the country's broader plan to offer close to 60 blocks in the coming years to counteract a ten-year decrease in production. Energy and Mineral Resources Ministry Senior Official Tri Winarno said: "The government hopes these auction winners will be able to contribute to Indonesia's energy security ahead." The Gaea and Gaea II blocks in West Papua have been awarded to a consortium that includes Enquest Petroleum Production Malaysia, BP Exploration Indonesia and CNOOC Southeast Asia. The Gaea block boasts an estimated 9.6 billion barrels (bbbl) of oil or 71.8 trillion cubic feet of gas, while Gaea II is believed to contain around 8.5bbbl billion barrels of oil or 35.1 trillion cubic feet of gas, according to the government spokesperson. In offshore Maluku, the Binaiya block, with potential reserves of 6.7bbbl of oil and 15 trillion cubic feet of gas, has been assigned to PT Pertamina Hulu Energy, Petronas's PC North Mandura II and SK Earthon from South Korea. The same consortium, along with INPEX Corporation from Japan, has also secured the Sepang block offshore East Java. The Kojo block in the Makassar Strait has been entrusted to Armada Etan. The country is also in talks to increase energy imports from the US, including additional crude oil and liquefied petroleum gas, in a deal valued at approximately $10bn (Rp168.32trn). "Indonesia awards five oil and gas blocks to boost reserves" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
