Latest news with #PTPertamina
Forbes
13 hours ago
- Business
- Forbes
Pertamina To Buy 20% Stake In Philippine Tycoon Edgar Saavedra's Renewable Energy Venture For $118 Million
A Citicore Renewable Energy solar farm in Bulacan, north of Manila. PT Pertamina will acquire 20% of tycoon Edgar Saavedra's Citicore Renewable Energy Corp. for 6.7 billion pesos ($118 million), providing the Philippine company with funds for expansion. PT Pertamina Power, a unit of the Indonesian state-owned oil and gas company, has agreed to buy about 2.2 billion new Citicore Renewable shares at 3 pesos each, the Manila-based company said in a Philippine Stock Exchange filing. Pertamina will get a board seat in the company, it said. 'The proceeds from the agreement will contribute to the development of the company's pipeline of renewable energy projects nationwide,' Citicore Renewable Energy said. Citicore Renewable Energy, which Saavedra took public a year ago in a 5.6 billion peso IPO, is among several Philippine companies that are aggressively building capacity in renewables amid the nation's push to clean energy and expectations economic growth will accelerate. Its five-year commitment to deliver 5 gigawatts of solar capacity would cost 180 billion pesos in investments, Saavedra has said. With Pertamina Power as a shareholder, Citicore Renewable Energy said it will have the opportunity to develop renewable energy projects in Indonesia and other parts of Southeast Asia. Pertamina Power, on the one hand, gets access to Citicore Renewable Energy's expertise in project development, as well as engineering, procurement and construction, it said. To comply with the PSE's 20% minimum public float requirement, majority owner Citicore Power will sell 346.3 million shares to the public, according to the stock exchange filing. The sale will reduce Citicore Power's stake in Citicore Renewable Energy to 59.9% from 78.8% and will be done before the transaction with Pertamina Energy is completed, it said. A civil engineer, Saavedra built his wealth on Megawide, a construction and engineering firm that he co-founded. With interests in property development and transportation, Saavedra had a $270 million net worth when Forbes Asia published the list of the Philippines 50 Richest in August.
The Star
13-06-2025
- Business
- The Star
Indonesia scraps plan to send delegation to US for tariff talks; Prabowo and Trump hold phone meeting
JAKARTA (Bloomberg): Indonesia will no longer send a delegation to the US for tariff negotiations as its proposal to Washington has already been deemed sufficient, according to the senior minister who's leading the talks. It's a change from the delegation's previous plans to head to Washington this week for a second round of negotiations, as the South-East Asian nation works to bring down a planned 32% tariff on its exports to the US. The progress also comes just hours after Indonesian President Prabowo Subianto and US President Donald Trump held a nearly 15-minute phone call to talk about strengthening ties between the two countries. Indonesia has submitted all necessary documents and will now just await the decision from Washington, Coordinating Economic Minister Airlangga Hartarto said in a briefing on Friday. The US Trade Representative told Indonesian officials in a meeting on Thursday that their documentation was considered complete, Hartarto separately told reporters on Friday, according to a report by CNN Indonesia. It highlights the global rush to strike a deal with the US as the 90-day pause on reciprocal tariffs is set to end on July 9. South-East Asia has been one of the hardest-hit regions, with higher-than-expected levies seen to undermine their export and manufacturing sectors that have been crucial to driving economic growth. Vietnamese officials are in the US for a third round of official negotiations, while Malaysia's delegation is headed for Washington next week. Thailand is expecting to conduct talks virtually but is waiting for an exact date. Likely bolstering Indonesia's confidence in the negotiations is a call between Trump and Prabowo late Thursday. The leaders gave updates on recent developments in their countries and agreed to continue boosting cooperation, Indonesia's cabinet secretariat said in an Instagram post on Friday. They also reaffirmed their support for efforts to maintain global stability and peace, it said. As part of the trade negotiations, Indonesia will offer a list of preferential tariffs on some US goods, Hartarto said last week. It could also import more US fuel, lower local content requirements and increase access to its critical minerals, the minister had said earlier. State-run oil giant PT Pertamina will shift some of its crude imports from other countries to the US, President Director Simon Aloysius Mantiri said in a separate briefing on Friday. The company is calculating prices, shipping times and volumes of imports, including for LPG, to increase transactions with the US, he said. --With assistance from Grace Sihombing and Eko Listiyorini. -- ©2025 Bloomberg L.P.
The Star
04-06-2025
- Business
- The Star
Indonesian, French firms partner up to develop efuels
JAKARTA: (Bernama-Xinhua) PT Pertamina New & Renewable Energy (NRE), a sub-holding of Indonesia's state-owned oil and gas company PT Pertamina, is collaborating with French firm MGH Energy to explore breakthroughs in the production of e-fuels, an official said on Wednesday (June 4), reported Xinhua. The partnership, formalised during the Indonesia-France Business Forum on May 28, focuses on the development of e-methanol and eSAF (e-sustainable aviation fuel), according to John Anis, CEO of PT Pertamina NRE. "Indonesia has a huge potential of renewable resources, from solar to hydro, which could be the basis for industrial-scale e-fuel production," said Anis in a statement issued Wednesday. He added that this strategic collaboration not only aims to develop innovative solutions for reducing carbon emissions but also represents a valuable opportunity for technology transfer. It is expected to accelerate both the production and adoption of renewable energy in Indonesia. Fadjar Djoko Santoso, vice president of corporate communication at PT Pertamina, emphasised the importance of international cooperation in tackling climate change and achieving national environmental goals. "PT Pertamina NRE plays an important role in the transition to clean energy. This collaboration is a strategic step towards a more sustainable, fair, and open energy system," he said. MGH Energy is known for its focus on decarbonising the transportation sector, particularly in maritime and aviation. - Bernama-Xinhua
The Star
30-05-2025
- Business
- The Star
Indonesia calls in Singapore oil traders over Pertamina probe
Motorists queue at a PT Pertamina gas station in Jakarta, Indonesia, on Saturday, Dec. 7, 2024. - Bloomberg JAKARTA: Indonesian investigators have invited Singapore-based oil traders to meet in the city-state next week as part of a US$12 billion corruption probe into state-owned oil firm PT Pertamina. The requests from the Indonesian attorney general's office come after earlier notices, sent over the past month, seeking cooperation in the investigation. Some Singapore-based traders have been asked to attend meetings from Monday (June 2) onwards, said Harli Siregar, a spokesman for the office, adding there was no confirmation that they would attend. "What matters is that they're willing to be questioned,' Siregar said by text message. "If investigators have to go [to Singapore], that's not a problem.' There is no suggestion that those called to assist in the wider investigation have been accused of any wrongdoing. Indonesian newspaper Tempo reported Tuesday that the attorney general had asked a unit of Pertamina to assist in calling in nine individuals in Singapore, citing an unnamed person with direct knowledge of the investigations. The report identified the individuals as employees of large trading companies including BP Plc, Glencore Plc and Vitol SA, among others. BP and Glencore declined to comment. A Vitol spokesperson said the company works in compliance with all applicable laws and regulations, and "seeks to have an open and transparent relationship with the relevant authorities in the jurisdictions in which it operates.' Singapore-based traders and companies that have received the requests have sought external legal advice to determine the extent of their obligation to foreign investigators, according to people directly involved in these efforts, who asked not to be identified as they are not authorised to speak publicly. It is not clear if Indonesia has formally sought Singapore's help under an existing mutual legal assistance treaty. The Attorney-General's Chambers in Singapore did not immediately respond to an email seeking comment. - Bloomberg
Bloomberg
29-05-2025
- Business
- Bloomberg
Indonesia Summons Singapore Oil Traders in Pertamina Graft Probe
Indonesian investigators have asked Singapore-based oil traders to attend meetings in the city-state next week as part of a $12 billion corruption probe into state-owned oil firm PT Pertamina. The requests from the attorney general's office come after earlier notices were sent over the past month, seeking cooperation in the investigation into alleged corrupt practices at Pertamina. Previously, the AGO had asked the traders to attend in-person meetings in Jakarta, and also suggested the office of Singapore's Corrupt Practices Investigation Bureau as a possible venue, without specifying a date.
