[Kabar-indonesia] 16 RI oil/gas/mining reports: Pertamina; Bumi; Billiton [+NYT/BP Profits]
JoyoNews at aol.com
JoyoNews at aol.com
Tue Jul 25 18:30:29 MDT 2006
16 RI oil/gas/mining reports:
- Platts: Pertamina eyes 43% rise in
its oil output to 200,000 b/d by 2014
- Indonesia's PLN extends rotational
power cuts in Jakarta
- Indonesia's Bumi Resources, Energi
Mega EGMs postponed to Sept 19
- Indonesia offers rare residues on high
diesel yield
- Asia Crude-Slow demand pares
Indonesian premiums
- Dow Jones: BHP Billiton Warns
of Higher Project Costs
- NYT: Profits Pour in at BP; Chief Sets Exit
- Indonesia plans to privatise 5.3% stake
in gas utility PGN next month
- ADB delays disbursement of loan to
Indonesia's PGN
- Global Insight: Local Supply
Agreements Tie Up More Indonesian
Gas for Domestic Use
- Indonesia's Pertamina to invest
US$27 mln on geothermal projects
- The Age: Agincourt suffers its growing
pains
- Indonesia to ban ethanol export
- Pertamina, PLN to consume
domestic biofuel products
- Nippon oil to build biofuel plant in
Indonesia's Jambi province
Platts Commodity News
July 24, 2006
Pertamina eyes 43% rise in its oil output to 200,000 b/d by 2014
Pertamina is aiming to increase its oil production to around
193,000-200,000 b/d and gas output to 2.060 Bcf/d by 2014 with an
investment of $2.5 billion, the Indonesian state-owned oil and gas
company's upstream director Sukusen Soemarinda said Monday.
He did not offer details as to which fields or projects the
incremental production would come from.
Pertamina and its joint-venture partners currently produce 140,000 b/d
of oil and 1.03 Bcf of gas daily, Sukusen said. The oil target for
this year was 149,000 b/d, of which 55,000 b/d was to come from fields
operated solely by Pertamina.
Indonesia expects its crude and condensate output to slip below the 1
million b/d mark to just above 909,000 b/d this year because of a fast
decline in output from some of the mature fields. The state budget had
set a production target of 1.05 million b/d of crude and condensate
for 2006.
The country averaged 1.060 million b/d in 2005, against a target of
1.075 million b/d.
--------------------------------
Indonesia's PLN extends rotational power cuts in Jakarta
JAKARTA, July 25 (XFN-ASIA) - State electricity firm PT Perusahaan
Listrik Negara (PLN) has extended the rotational power cuts in Jakarta
and the neighbouring provinces of Banten and West Java until 4 pm
today due to the late unloading of fuel supplies at its Muara Tawar
power plant in North Jakarta, PLN spokesman Mulyo Aji said.
'The unloading is still in progress so that the generator will only be
ready to operate at 4 pm. Therefore, the (power supply) condition in
Jakarta, Tangeran, Banten and West Java from 8 am to 4 pm today will
be the same as yesterday,' he said.
PLN apologized for the inconvenience but also urged its customers to
reduce power consumption today.
Under normal conditions, PLN only uses diesel fuel oil at the Muara
Tawar power plant as a backup during the peak hours between 5 pm and
10 pm. For the rest of day the plant usually uses coal and gas for its
power generation.
But due to rising consumption, the diesel oil generator has recently
been operating from the morning and as a result, the plant has run out
of fuel supplies ahead of scheduled shipments.
--------------------------------------
Indonesia's Bumi Resources, Energi Mega
EGMs postponed to Sept 19
JAKARTA, Juli 25 (XFN-ASIA) - PT Bumi Resources and PT Energi Mega
Persada, both indirectly controlled by the Bakrie family, have
postponed their extraordinary shareholders meetings (EGM) to September
19 from the original schedule of July 28, the Jakarta Stock Exchange
said, citing letters submitted by the two companies.
It gave no further details.
Bumi Resources corporate secretary Geroad Pandji Alamsyah Jusuf told
XFN-Asia the EGM was postponed pending settlement of the divestment of
the company's two units, PT Kaltim Prima Coal and PT Arutmin
Indonesia.
In March, Bumi agreed to sell its coal mining units, including the two
companies, for 3.2 bln usd to PT Borneo Lumbung Energi.
"Settlement of the divestments is being finalised," he said.
Jusuf said the agenda for the EGM will remain the same and will
include seeking Bumi shareholders' approval for the proposed merger of
the two companies.
Bumi has said it will consolidate Energi Mega into itself by issuing
14.4 bln new Bumi shares to Energi Mega shareholders.
With the share price of both companies valued equally at 800 rupiah
each, each Energi Mega share will be converted into one Bumi share for
a total transaction value of 11.52 trln rupiah, the company said.
-----------------------------------------
Indonesia offers rare residues on high diesel yield
By Yaw Yan Chong
SINGAPORE, July 25 (Reuters) - Indonesia has offered rare
high-viscosity low-sulphur waxy residue (LSWR) and vacuum residue
cargoes for export in August, the second month in a row, after
maximising domestic gas oil output to curb costly imports, industry
sources said on Tuesday.
The residue cargoes -- two LSWR parcels totalling 400,000 barrels and
four vacuum residue lots totalling 320,000 barrels -- will put
additional pressure on the market for fuel oil blendstocks used to
reduce sulphur content.
"Obviously the higher domestic production has helped in reducing
(diesel) import volumes as can be seen by the lower volumes for August
compared to June and July," a Jakarta-based trading source said.
"We are targetting to lower import volumes for the rest of the year
while at the same time keeping stock levels at around 20 days. This
would mean that the domestic refineries will have to make up the
slack."
Indonesia, Asia largest gas oil buyer, imported 7.75 million barrels
for June and 7.8 million barrels for July, the highest volume imported
since November last year, but bought less, at 6.6 million barrels for
August.
Before June, gas oil import volumes had averaged about 5 million
barrels for the first five months of the year, down from the 2005
monthly average of 9.9 million barrels.
Imports fell on slowing demand after a stiff hike in domestic diesel
and gasoline prices last October as the country struggled to cope with
spiralling oil prices and a weak currency.
Gas oil or diesel is mainly used as motor and power-generation fuel in
Indonesia.
The reduced Indonesian demand and the availability of more
spot parcels from South Korea -- because term lifters had opted
to not lift barrels -- have softened the gas oil market.
The prompt market has plunged into discount for about five trading
sessions and was at a discount of 30 cents at the close on Monday.
DULL DEMAND
This is the second-straight month that state-owned refiner Pertamina
has offered the residue parcels, typically used as blendstocks, in its
allocation programme.
"Normally, these types of cargoes are available quite rarely on an
ad-hoc basis as in sometimes they have and sometimes they don't. It's
not exactly high-quality stuff but it can be useful for blending,
especially for cutting sulphur," a Singapore-based Asian trader said.
"But in current market conditions, I wouldn't say that they are
terribly in demand, with the low-sulphur market being in the dire
state that it is in. I wouldn't be surprised if the cargoes went at a
steep discount."
Demand for the high-viscosity LSWR, known as V500, and vacuum residue
cargoes have been lukewarm at best, traders said, to the point where
one July parcel had to be moved into August due to poor demand.
Only two vacuum residue parcels were allocated to Pertamina's trading
arm, Petral, with the rest yet to be alloted, traders said.
Refining sources said Indonesian refineries, which are not complex,
typically use sweet crude and yield low-sulphur residues such as LSWR.
To yield more higher-value products such as gas oil, the refineries
would need to crack these low-sulphur residues further and end up with
lower-value residues like V500 and vacuum residue.
The V500 parcels typically have viscosity values of about 500
centistoke (cst), compared to about 100 to 200-cst for the typical
mixed/cracked cargoes that Pertamina sells.
Both the V500, from its Balikpapan refinery, and vacuum residue
cargoes, from the Plaju refinery, are typically of around 0.3 percent
sulphur, low-density and high-pour. TABLE OF INDONESIA AUGUST V500,
VACUUM RESIDUE ALLOCATION PORT VOLUME (KB) DATE (V500)
Balikpapan 200 Aug 26-28
Balikpapan 200 Jul 20-21
(vacuum residue)
Plaju 80 Aug 6-8
Plaju 80 Aug 12-14
Plaju 80 Aug 20-22
Plaju 80 Aug 28-30
--------------------------------------------------------
Asia Crude-Slow demand pares Indonesian premiums
TOKYO, July 25 (Reuters) - Asia-Pacific crude for September loading
traded actively via tenders, with Indonesian grades falling to parity
from usual premium levels due to limited buying interest and increased
spot supplies, traders said.
Indonesia's oil and gas regulator BPMIGAS has sold 200,000 barrels of
medium sweet Minas crude for August to Vitol at parity to its
Indonesia Crude Price (ICP).
Indonesia had to sell some spot barrels into tenders as refinery
outages and a shortage of vessels have prevented state-run oil firm
Pertamina from using all its domestic crude volumes, a company source
said earlier in July.
Minas typically trades at premiums, often above $1 a barrel. [ID:nT154264]
"It reflects dull utility demand for Indonesia crude in general and
supplies of fuels for similar (power generation) use are ample in the
region," a Japanese trader said.
Some Indonesian grades, such as Minas and Duri, are directly burned at
oil-fired thermal power plants.
Fuel oil inventory levels in Singapore have risen to 18-week high
levels amid heavy Western inflows and slow Chinese demand.
Fuel oil's crack to benchmark Dubai crude was down to minus $15.10 a
barrel.
BPMIGAS also sold the same volume of Bontang Return Condensate (BRC)
for late July to Vitol at parity to the grade's ICP, compared with
39-cent premiums paid for March-August supplies.
Vietnam's lighter Bach Ho crude for September loading was sold at a
premium of 40-45 cents a barrel to its OSP in a monthly tender,
compared with 20-25 cent premiums paid for August cargoes.
On the Middle East market, September Murban was discussed at steady
premiums around 26 cents a barrel to its OSP.
BP would sell about two Murban cargoes on spot basis, after selling
several other stems to term buyers.
Other Abu Dhabi barrels, such as Lower Zakum, Upper Zakum and Umm
Shaif, were thinly discussed.
Benchmark September Oman was also in thin discussions, with notional
values at around 5-cent premiums a barrel to is OSP, brokers said.
The Brent/Dubai Exchange of Futures for Swaps (EFS) widened by about
20 cents from late Tuesday to $4.90/$4.95 a barrel for September.
---------------------------------------------------------
Dow Jones Newswires
July 26, 2006
BHP Billiton Warns of Higher Project Costs
By JAMES ATTWOOD
July 26, 2006
SYDNEY, Australia -- Global miner BHP Billiton Ltd. said yesterday that it
faces cost blowouts of more than 30% at two nickel and petroleum projects that
could total more than US$732 million.
The company said its US$1.34 billion Ravensthorpe nickel project in Western
Australia state and its US$1.1 billion share of the Atlantis South development
in the Gulf of Mexico are running more than 30% above budget, with the
latter's schedule under review following last year's damaging hurricanes.
"Market conditions in Australia and the Gulf of Mexico are particularly tight
and are impacting both existing projects and our plans to execute new growth
projects in these regions," BHP Billiton said.
While they were surprised by the size of the cost blowouts, brokers and
analysts said this is a byproduct of the global commodities boom.
"They are a bit higher than expected, so potentially you may see some
trimming of earnings forecasts, but they're going to be modest," said Patrick Crabb,
head of institutional sales at Goldman Sachs JBWere.
Analysts said the comments from the world's largest miner by market value are
the latest evidence of the resource sector's struggle to meet surging demand
from China, which has pushed prices of iron ore, nickel and copper to
unprecedented levels.
In its production report released yesterday, BHP said it achieved record
fiscal-year output in aluminum, copper, iron ore, nickel and natural gas "in a
strong demand environment." Bad weather and other interruptions hurt oil and coal
output.
Production levels for both the quarter and year ended June 30 were largely in
line with expectations, keeping the Melbourne, Australia-based miner on track
to report a US$10 billion-plus profit next month, smashing the previous
fiscal year's result of US$6.5 billion. On the Australian stock market, BHP
Billiton shares rose 1.9% yesterday to 27.83 Australian dollars (US$21.01), up 51
Australian cents.
Macquarie Equities said BHP's strong base-metal production means the company
is on track to meet the average profit forecast of US$10.2 billion.
Macquarie's senior resource analyst, Brendan Harris, said at first glance
that the delays at Atlantis, in which BHP has a 44% stake, have the potential to
hurt earnings this fiscal year against a backdrop of recent disappointments
with petroleum performance.
Atlantis, operated by BP PLC and among the largest oil fields in the Gulf of
Mexico, is now expected to start producing in the first half of 2007. It had
been expected to begin production this quarter.
Mr. Harris said the project-cost increases shouldn't be a surprise as
companies compete for labor, equipment and materials.
---------------------------------
The New York Times
July 25, 2006
Profits Pour in at BP; Chief Sets Exit
By HEATHER TIMMONS
LONDON, July 25 -- Profits are pouring in at the BP Group, but the top
executive says he'll have to step out.
John Browne, the chief executive of BP, confirmed today that he would leave
the giant oil company at the end of 2008, after reaching its mandatory
retirement age of 60. At the same time, the company announced a profit of $7.27
billion in the second quarter, 30 percent more than the comparable period a year ago
and the equivalent of more than $55,000 a minute.
Lord Browne, who has imbued BP with his own environmentally aware outlook
during his 11-year tenure, made it clear today that he has no plans to work on
his golf game.
"I don't believe in retirement," he said during a press conference in London.
"I'm going to change jobs. " He said he would look for an interesting new
position with a purpose, because "I'm hooked on business." Sky-high crude oil
prices are the main reason BP's coffers are overflowing, and analysts expect a
string of similarly robust figures from the other global oil giants as they
report their second-quarter results in the next few days, which will probably
prompt a new round of calls by politicians to impose windfall profits taxes on the
industry.
But the earnings BP reported today, a new record high for the company in a
single quarter, follow a series of accidents at its operations in the United
States, including spills in Alaska and an explosion in Texas that killed 15
people.
The company said today that it plans to spend $1 billion more over the next
four years to improve safety at its American refineries and to upgrade its
Alaska pipeline.
Robert A. Malone, the newly appointed chairman of the company's BP America
unit, just wrapped up a month-long tour of its operations in the United States.
He learned from his tour, he said today, that the company needed to make its
safety systems and its reporting more consistent.
BP has suffered setbacks recently at its huge Thunder Horse offshore platform
in the Gulf of Mexico, which was severely damaged by last year's hurricanes.
A recent test found two significant underwater leaks, Lord Browne said, and
the platform will probably remain off line at least until early next year.
Benchmark grades of crude oil sold for an average of $69.59 a barrel in the
second quarter, by the company's reckoning, and were trading over $74 a barrel
today. Lord Browne said he expected prices to remain high. "OPEC spare
capacity continues to be relatively tight, inventories are robust, and there is
nervousness about the upcoming U.S. hurricane season," he said.
It is not clear who will succeed Lord Browne. He said today that BP's board
has begun a selection process, and that he had offered the board at least three
current executives at the company as nominees.
Lord Browne is the second chief executive of a major European company this
week express irritation that a mandatory retirement policy was dictating the
timing of his departure. Helmut Panke of BMW made some pointed remarks about the
inadvisability of such policies as he introduced his successor yesterday.
For his part, Lord Browne said today that the British notion that executives
should retire at 60 is an "idea that should have gone a long time ago."
Still, he said, his departure would be for the best. "My decision to go from
BP was not based on age," he said. By the time he leaves, he will have run the
company for 13 years, he noted: "That's quite a long time, and it's very
important that the company isn't about any one person."
---------------------------------
Gas Matters Today Asia
July 25, 2006
Indonesia plans to privatise 5.3% stake in gas utility PGN next month
Indonesia's state enterprises minister Sugiharto has said that the
government plans to start selling part of its shareholding in the
largest gas distribution company, Perusahaan Gas Negara (PGN), next
month.
He said the government will issue a global tender next month to sell
185.8 million shares, representing a 5.31% stake in PGN. The
government sold around 39% in PGN in December 2003 through an initial
public offering. After the 5.31% sale, the government's interest will
be reduced to around 56%.
PGN's partial privatization was originally scheduled for last year,
but was put on hold as the government had sufficient funds to plug its
state budget deficit.
Besides PGN, the government plans to sell part stakes in eight other
state enterprises including Telkom, Bank Mandiri, Bank Negara
Indonesia and Perusahaan Listrik Negara. It hopes to raise 3 trillion
rupiah (around $330 million) through the divestments.
-----------------------------------------------------------
ADB delays disbursement of loan to Indonesia's PGN
JAKARTA, July 25 (Asia Pulse/Antara) - Asian Development Bank (ADB)
and ING Bank will likely delay disbursement of a loan for state gas
distributor PT Perusahaan Gas Negara until September.
The US$225 million loan was originally to be disbursed late June or
early July but a delay in due diligence study caused a delay in the
disbursement, PGN corporate secretary Widyatmiko Bapang said.
The due diligence study was completed only last week, therefore,
disbursement of the loan has to be delayed for some time, Bapang said.
The delay will cause no problem for the company as it is not pressed
for funds at present, he said.
The fund will serve only as a supplement to funds needed to finance
the company's projects, he added.
-----------------------------------------------------------
Global Insight Daily Analysis
July 24, 2006
Local Supply Agreements Tie Up More Indonesian Gas for Domestic Use
Simon Wardell
A series of natural gas supply agreements between producers and buyers
in Indonesia were announced today by Kardaya Warnika, head of the
country's natural gas regulator BP Migas. Warnika said that some 467
trillion Btu of natural gas was purchased in three separate deals. The
largest will see Amerada Hess supply PT Perusahaan Listrik Negara with
232.7 trillion Btu of natural gas over a 12-year period from 2008,
with BP and PT Medco Energj also securing supply deals with PT Pupuk
Kujang and PT Mitra Energi Buana. The gas will be used as a feedstock
for petrochemicals production and power generation. Significance: As
one of the world's largest, and earliest, exporters of LNG, Indonesia
has seen gas production falter in recent years as fields mature. With
rising domestic consumption the government is seeking to find a
balance between lucrative exports and domestic consumption.
The new supply deals tie up more gas for long-term domestic use and
will reduce the potential volumes available for export projects.
---------------------------------------------------
Indonesia's Pertamina to invest US$27 mln on geothermal projects
JAKARTA, July 25 (Asia Pulse/Antara) - State oil company Pertamina
will invest US$27 million to develop geothermal energy projects in
nine different areas of the country this year, a company official
said.
Director for Upstream Affairs Sukusen Soemarinda said the company will
start drilling in the nine areas including Kamojang in West Java,
Ulubelu in southern Sumatra, and Lahendong in North Sulawesi.
Pertamina already has three geothermal power plants - in Sibayak,
North Sumatra, with a capacity of 2 megawatts, Kamojang with four
generators having a total capacity of 140 MW and Lahendong with three
generators with a total capacity of 20 MW.
The country has geothermal potential exceeding 27,140 MW or 40 per
cent of the world's total potential, according to the energy and
mineral resources ministry.
------------------------------------------------------
The Age (Melbourne)
July 25, 2006
Agincourt suffers its growing pains
By Barry Fitzgerald
AGINCOURT Resources has felt some upfront pain from its push to become
a bigger gold producer through the acquisition of the Martabe gold and
silver development project in Indonesia from Newmont for $US80.25
million ($A106.7 million) in cash and shares.
Dilution caused by the need to issue $50 million in scrip to Newmont
and to raise $100 million from a share placement at $1.15 each, forced
a heavy share price fall, with the stock down 47¢, or 28 per cent, to
$1.20 at the close of trade. Agincourt argues that the pain will be
worth it for the long-term gains.
Managing director Peter Bowler said the purchase would transform the
group. The development of Martabe would propel Agincourt into the next
league of gold producers, with a total resource base of 7 million
ounces of gold equivalent.
Agincourt owns the Wiluna goldmine in Western Australia and the
Andorinhas gold development project in Brazil. The addition of Martabe
production would increase its annual output to 500,000 ounces of gold
equivalent. Martabe, in Sumatra, has a resource base of 5.3 million
ounces of gold and 54.8 million ounces of silver.
Newmont, one of the big four in the global gold industry, said Martabe
was suited to a company of Agincourt's size. Newmont inherited the
project on its takeover of Normandy Mining. Newmont will hold about 20
per cent of Agincourt under the deal.
Indonesian equity will be introduced before Martabe's development,
with the Dharmawangsa Group granted an option to take a contributing
30 per cent stake. The plan is to develop Martabe as an annual
producer of 270,000 ounces of gold and 2 million ounces of silver.
Mine life is expected to be more than eight years.
Agincourt's estimate of the capital expenditure required for the deal
is $US165 million. In addition to the share placement, the company
will have a share purchase plan giving shareholders the right to buy
4340 new shares at $1.15 a share.
------------------------------------------------------------
Indonesia to ban ethanol export
JAKARTA, July 25 (Xinhua) -- The Indonesian government plans to ban
ethanol export due to growing domestic demand in line with the
expansion of biofuel industry, a senior official said Tuesday.
Industry Minister Fahmi Idris said he has submitted proposal to close
ethanol export to the trade minister and the forestry minister.
"Production is very limited while demand is on the rise for biofuel
industry," he said in a seminar hosted by the Indonesian Chamber of
Commerce and Industry (Kadin).
Indonesia produces 170 million liters of ethanol a year, he said.
Domestic market accounts for 84 percent of national ethanol sales,
with beverage and pharmaceutical industries as the biggest consumers.
The new demand from biofuel industry threatens ethanol supply in the
future, he said.
-------------------------------------------------------
Pertamina, PLN to consume domestic biofuel products
JAKARTA, July 25 (Asia Pulse/Antara) - Research and Technology
Minister Kusmayanto Kadiman said the domestic market for bio-fuel
products was guaranteed because state-owned oil company Pertamina and
state electricity firm PLN are ready to absorb all domestically
produced alternative energy.
"We have two major stand-by buyers, namely Pertamina for the
transportation sector and PLN for the electricity sector," the
minister said on the sidelines of a seminar on the automotive industry
here on Tuesday.
Kadiman said PLN and Pertamina had given the assurance that they would
absorb all biofuel products in Indonesia no matter how much.
At present, he said, Pertamina was selling biofuel at only 100
refuelling stations because biofuel supply was still small.
The minister said biofuel, particularly fuel produced from Jatropha
curcas and cassava crops, was relatively cheap because its price was
not affected by the fluctuation of the world oil price.
He said by developing biofuel, Indonesia was expected to be able
eventually to reduce the use of fossil fuel oils by 10 percent in the
transportation sector and 50 percent in the power generation sector by
2010.
For this purpose, the minister said, Rp100 trillion (US$10.9 billion)
in funds would be needed which would be taken from the state budget to
develop biofuel energy.
In order to develop the alternative energy, President Susilo Bambang
Yudhoyono decided to set up a National Team in charge of formulating
government policies on development of bio-fuel including on matters
relating to cultivation land, infrastructure, processing, marketing
and funding.
Some six million hectares of lands would be needed to cultivate
biofuel crops, of which three hectares for oil palm, 1.5 hectares for
jatropha curcas, 500 thousand hectares of sugarcane and 1.5 hectares
of cassava.
The investment per hectare was estimated at Rp30 million for oil palm,
Rp15 million for sugarcane, Rp3 million for jatropha curcas and Rp3.5
million for cassava.
----------------------------------------------------------
Nippon oil to build biofuel plant in Indonesia's Jambi province
JAMBI, July 25 (Asia Pulse/Antara) - Japanese oil company Nippon Oil
Corporation is to build a biodiesel plant with an annual production
capacity of 30,000 tons in Jambi province, Jambi provincial
administration spokesman Erwan Malik said here Tuesday.
A Nippon Oil Corporation management team had visited Jambi to observe
land which could be planted with jatropha and oil palm trees and to
meet with local farmers who will plant the biofuel crops, he said.
Erwan said his office would cooperate with the Bungo district
administration to obtain land for the cultivation of the biodiesel
crops.
He said most land in Jambi's districts of Batanghari, Muaro Jambi,
Sarolangun, Merangin, and Tebo were controlled by local residents and
some national private oil palm plantations thus make the Bungo
district the only area that still could be explored for the biofuel
project.
The government has earmarked vast areas of land across the country for
the cultivation of biodiesel crop needed for raw materials for
producing biofuels.
It said on Monday 6.5 million hectares of idle land would be allocated
for investors who were interested in planting biofuel crops.
The current skyrocketing oil price had encouraged the government to
use biodiesel as alternative energy. Biofuel is renewable and based on
such crops as castor-oil plants, oil palm, cassava and sugarcane.
The government announced earlier a crash program to build 11 biofuel
plants, with production targets of 187 million liters next year and
1.3 billion liters by 2010, or equivalent to 3 percent of the
country?s total fuel consumption of 41 million kiloliters in 2005.
It estimated Rp100 trillion (US$10.8 billion) investment was needed in
the sector within the next five years.
A government official said several noted international and domestic
investors had expressed interest in the sector, with the government
pledging to provide them with fiscal incentives.
-----------------------------------------
Petromindo Headlines, Tuesday, July 25, 2006
Oil/Gas:
- Manhattan Resources drops plan to acquire stake
in E. Kalimantan exploration block
- Lapindo manager named suspect in mudflow disaster
Mining:
- Indo Mines completes aircore drilling at Yogyakarta
ironsands project
- Bengkulu's legislators demand for an increase in
coal royalty
- Inco set to operate its new power plant in 2009
- Newmont to buy up to 20% stake in Agincourt
- NT Holding to build rinsing plant at E. Kalimantan
mine
Power:
- House asks Supreme Audit Agency to audit
PLN projects
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Joyo Indonesia News Service
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