Author: Ferdi Hasiman

Barito Pays $25 Million Notes to Magna Resources

Posted by | October 9, 2012 | , , | 0 |

JAKARTA (Indonesia Today) – Timber company PT Barito Pacific Timber Tbk (BRPT) had on September 5, 2012 paid US$25 million notes to Magna Resources Pte, Ltd. The notes was issued in June 9, 2010. Magna Resources is shareholder of Barito Pacific with 52.13% ownership. Barito recorded loss of Rp601.634 billion in the first half of 2012 on revenue of Rp10.73 trillion. Its assets totaled Rp20.23 trillion while liability amounted Rp10.88 trillion....

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Ruby Field to Flow Natural Gas in September 2013

Posted by | June 9, 2012 | , , | 0 |

BALIKPAPAN (Indonesia Today) – Ruby field in Sebuku block is expected to flow natural gas in September 2013. The operator of the block, Pearl Oil (Sebuku) Ltd., will immediately install pipeline for 300 kilometers lenght from production facility to Senipah field in East Kalimantan operated by Total E&P Indonesie. The deployment of pipeline is planned to begin in September 20, said Chief Representative of BPMIGAS Region Kalimantan-Sulawesi, Ngatijan. While the initial production of this field is estimated to reach 100 million cubic feet of natural gas per day. Ngatijan said the natural gas from Ruby field will be channeled to fertilizer company PT Pupuk Kalimantan Timur, a state-owned and the largest fertilizer producer in the country....

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Govt to Build Refinery in South Sumatera

Posted by | April 10, 2012 | , , | 0 |

JAKARTA (Indonesia Today) – The government of Indonesia plans to build refinery, funded by state budget, in South Sumatera with investment cost of around Rp90 trillion. Evita H. Legowo, Director General for Oil and gas at energy ministry, said the refinery will be build land owned by state oil and gas company PT Pertamina. He said the government has 2 options for the location of refinery; in Plaju, Sungai Gerong and Katimpa Bengkok. The construction of refinery is targeted to start in 2016 and to complete in 2019. 20 companies had since 1998 proposed to get licenses for building refinery in Indonesia but they have yet to realize the project until now. Pertamina also plans to build refinery, in partnership with foreign companies such as Kuwait and Saudi Aramco, but they have yet to stage into agreement....

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Tuban Petro Defaults on Rp734 Billion Bond

Posted by | March 10, 2012 | , | 0 |

JAKARTA (Indonesia Today) – State asset-management firm PT Perusahaan Pengelola Aset (PPA) has issued notice of default for PT Tuban Petrochemical Industries (Tuban Petro) as the company failed to pay multiyears bond, series VII, worth Rp734 billion. Renny O. Rorong, PPA’s corporate secretary, said the bond had extended its matury to Sept 17, 2012 from August 27, 2012. He said the payment of multiyears bond is part of master restructuring agreement (MRA) scheme proposed by Tuban Petro Group. As Tuban Petro has been declared defaluted on bond payment, Renny said, PPA will execute companies and personal guarantees proposed by Tuban Petro and Honggo Wendratno. That guarantees include 80% stake in PT Polytama Propindo, 50% stake in PT Petro Oxo Nusantara, 59.5% stake in PT Trans-Pacific Petrochemical Indonesia (TPPI), 30% stake in Tuban Petro owed by PT Silakencana Tirtalestari, Tuban Petro’s bills to PT Tirtamas Majutama (zero coupon bond) and 3rd rank fixed assets of TPPI....

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Citra Tubindo’s Profit Falls 48%

Posted by | February 9, 2012 | , , | 0 |

JAKARTA (Indonesia Today) – PT Citra Tubindo (CTBN) Tbk booked net profit of US$15.04 million in the first half of 2012, down 48% from the corresponding period of 2011 due to lower sales and profit margin. Citra Tubindo, producer of tubular pipes for oil and gas industry, reported sales revenue of US$83.49 million in the first half, declined 13.5% from the same period last year. Cost of sales and services also declined 11.7%, but general and administrative expenses increased by 30%. As a result, Citra Tubindo’s operating profit dropped 43% to US$18.25 million. Citra Tubindo’s major shareholders are Kestrel Wave Investment Ltd with 42%, Vallourec & Mannesmann Tubes 33.5%, and Sumitomo Metal Industries Ltd 5.42%. (ferdi@theindonesiatoday.com)...

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