ASEAN Countries








Energy Markets

Fossil Fuels

Oil Refineries

Shell Indonesia transfers gas station business from Citadel to Sefas JV

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Electric Utilities

Investor's letter: Vietnam cuts retroactively subsidies for solar and wind farms

According to a petition from investors, Vietnam's state-owned power utility has reduced the subsidised prices that it pays for electricity generated by solar and wind farms. These farms now face defaulting on their bank debts. The document was sent to Vietnam's highest authorities on May 16, and follows a letter from the majority of signatories in which they warned that billions of dollars were at risk due to retroactive changes made by Vietnamese authorities to subsidies, even though they were targeting a massive expansion of solar energy capacity. Documents show that, starting with invoices for January, a subsidiary EVN's Vietnam...

Natural Gas Utilities

Indonesian gas firms sign gas swap deal to meet domestic demand

Gas producers from western Indonesia signed a swap agreement with Singaporean buyers Sembcorp Gas and Gas Supply Pte and state-owned distributor Perusahaan Gas Negara to boost domestic gas supplies, according to PT Pertamina. Pertamina stated in a press release that the gas swap scheme is designed to meet demand for natural gas in Indonesia, especially in the power and industrial sectors. MedcoEnergi, an Indonesian gas producer whose units are part of the West Natuna Supply Group (WNSG) and Corridor Block (also parties to the agreement), will replace the flows from the Corridor Block to Singapore with those coming from WNSG....

Fossil Fuels

Mubadala Energy is ready to sell South Andaman Gas to Indonesia at the right price

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

Oil & Gas Refining

In the Pertamina case, Indonesia contacts trading firms in Singapore

It was announced on Monday that the Indonesian Attorney General's Office had contacted a number trading firms in Singapore about a corruption probe involving Pertamina. In the first half of this year, a number of Pertamina subsidiaries executives were arrested for alleged corruption in relation to oil imports from 2018 through 2023. This allegedly caused state losses of $12 billion. Pertamina apologized publicly and promised to improve the transparency after the arrests. Harli Siregar, a spokeswoman for the Attorney General's Office said that investigators want to speak with some Singapore trading firms about the case. Siregar stated that earlier attempts...

Fossil Fuels

Indonesia increases CPO export levy by 10% as of May 17,

A regulation signed Wednesday shows that Indonesia will increase its crude palm oil export levy from 7.5% to 10% starting May 17, in order to fund the country's increased mandate for biodiesel blends. Export levies on refined products will range from 4.75% to 9.5% of CPO reference prices, an increase of between 3% and 6 % of current rates. The levies collected are used to finance palm oil programs such as the biodiesel program and a smallholder replanting subvention. Indonesia increased its palm oil-based Biodiesel mix from 35% to 40% this past year. It is now studying moving to 50%...

Fossil Fuels

Salt is dropped from the ODIs against West Indies. Cricket-Dawson will return to England's T20 Squad.

The England & Wales Cricket Board has not selected Phil Salt for the upcoming home white-ball series against West Indies. Will Jacks, a batting all-rounder, has been recalled to the England squads that will face West Indies in three ODIs (over 20-overs) and three T20s between May 29 and July 10. Harry Brook, the white-ball captain, is leading both teams. Luke Wood and Tom Hartley have both returned to England's T20 and ODI teams, respectively, after not playing white-ball cricket since September 2023. Jacks was playing in the Indian Premier League along with Jos buttler, Jacob Bethell and Jamie Overton,...

Natural Gas

Singapore establishes new GasCo, and appoints a chief executive, according to regulator

Singapore's energy regulator announced on Wednesday that the country had established a wholly government-owned company called Singapore GasCo, to centralise gas procurement and supply to the power sector of the city-state. Energy Market Authority (EMA), in a press release, said that the entity would also benefit from economies of scale, negotiate better gas contracting terms and procure gas from different sources. It would sign contracts for longer periods to ensure a more stable gas supply and price. Alan Heng was also named as Singapore GasCo CEO by the EMA. He was previously the Group Chief Executive of Singaporean LNG company...

Fossil Fuels

Sources say LNG Canada is preparing its plant to begin production in June.

Two people who are familiar with the process said that LNG Canada had completed cooling down its Kitimat liquefied gas plant and was preparing to produce the first LNG at the plant in June. To ensure the production of super-cooled gas, cooling an LNG plant is essential. It's also a crucial step before starting operations. LNG Canada will be the first LNG export facility in Canada. It is expected to export 14 million metric tons per year (MTPA). LNG Canada confirmed on Saturday that the Maran Gas Roxana left the plant after delivering a shipment to the plant on April...

Fossil Fuels

Wall Street Journal, May 2,

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The budget proposal for fiscal 2026, which is set to be released on Friday, will propose a cut of over $160 billion from programs in the areas of renewable energy, education and foreign aid. Kohl's fired CEO Ashley Buchanan after learning that he had directed the retailer to make a "highly abnormal" business deal with a woman with whom he was romantically involved. A spokesperson for the Chinese Commerce Ministry said that China would consider trade talks...

Fossil Fuels

Saigo, a Japanese player, wins Chevron in the largest major LPGA playoff ever.

Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said:...

Coal

Chairman of India's NMDC says that the company is exploring coal assets in Indonesia and Australia.

Amitava Mukherjee, chairman of the Indian miner NMDC, said that it is looking for coking coal assets in Indonesia and Australia. Coking coal is a key ingredient used to make iron ore and styrene. India, which is the second largest producer of crude iron and steel in the world, imports 85% of coking coal. More than half of Australia's coking-coal imports are accounted for by the country. Mukherjee stated that the company views this as an opportunity for business. The negotiations (for explorations) are at different stages. Due to confidentiality, he did not reveal the specifics of these discussions. NMDC,...

Crude Oil

Crude Oil

Stocks fall, yields rise; 20-year Treasury auction shows soft demand

Investors worried about the deteriorating fiscal outlook in the United States and Treasury yields rose following a sale by Treasury Department of $20 billion worth of bonds for 20 years. After the auction, all three of the major U.S. indexes fell by more than 1%. The dollar fell widely as well. Treasury yields continued to rise after the U.S. Treasury Department reported a weak demand for its $16 billion sale 20-year bonds. The bond sale was weak, which reinforced the idea that investors are avoiding U.S. assets. Concerns continued to grow about President Donald Trump's attempts to push through a...

Crude Oil

US stocks fall, Treasury yields increase; Trump tax-cut plan in sight

The major stock indexes showed mixed results on Tuesday with U.S. shares easing, but U.S. Treasury Yields rising as investors focused their attention on the critical U.S. Presidential vote that took place in Washington. Donald Trump Tax cuts for all. Go to Capitol Hill urged Republican legislators to settle their differences on a bill to extend tax cuts for 2017 from Trump's initial term. Investors worry that the bill could increase the U.S. deficit faster than expected. Moody's Investors Service, a credit rating agency in the United States, downgraded its credit rating on Friday evening. This sparked concerns over the...

Crude Oil

Treasury yields are rising, stocks and the dollar are down, with focus on the tax bill and US downgrade

The yields on longer-dated Treasury bonds rose, while the global stock indexes fell and the dollar weakened Monday. This was due to concerns over a U.S. federal tax bill, the U.S. government's debt and Moody's decision to downgrade the U.S. sovereign rating. Moody's Investors Service lowered the United States' sovereign rating to "Aaa" late on Friday night, bringing attention to the country's worsening fiscal outlook. A key congressional committee approved the massive tax-cut legislation of U.S. president Donald Trump on Sunday. Republicans in the U.S. House of Representatives, who currently control it, will push for the bill's passage this week....

Mining

Mineral Resources

Mineral Resources

Indonesia searches for 19 missing people following a landslide in a gold mine in Papua

Officials said that 19 Indonesians were missing after heavy rainfall caused a landslide in a gold mining area of Papua. Abdul Muhari said that torrential rains caused a landslide in a small mine operated by local residents on the Arfak Mountains in West Papua Province late Friday night. He added that the landslide killed one person, injured four others and still left 19 people missing. Officials said that at least 40 rescuers, including police and military personnel, had been dispatched to search for missing persons. In Indonesia, accidents caused by illegal and small-scale mining have often occurred in areas where...

Mineral Resources

Indonesian military: 18 separatists were killed in Papua, according to the country's military

An official confirmed that Indonesian military killed 18 Papuan Separatists in an operation conducted in the easternmost region Papua on Thursday. Three civilians were also killed. In a statement, Kristomei Santuri, the military spokesperson, said that during Wednesday's raid, the military seized dozens munitions including an assault weapon, bows andarrows, and an unspecified home-made weapon. The Indonesian military suffered no casualties. Sebby Samboom, a spokesperson for the Papua Separatists, said that three of its members were dead. A prominent church group in Papua, citing reports from local churches, said that three civilians died during the shootout. Nearly 1,000 people were...

Mineral Resources

Early 2030s will see the global cobalt market swing from surplus to deficit.

The Cobalt Institute published a study on Wednesday that showed demand for cobalt would rise faster than the supply. This will allow the market to decrease the surplus of 2024 in the coming years, and then swing to a deficiency in the early 30s. The future of cobalt in the short-term depends on the decision that the Democratic Republic of Congo, the world's largest producer of the mineral, which is used to manufacture the lithium-ion battery packs that power electric cars, makes after the four-month ban on exports, which was imposed late February. The ban was imposed by the central...

Mineral Resources

Lynas CEO: Company is looking to buy rare earths in Malaysia and Brazil

Amanda Lacaze, CEO of Lynas Rare Earths, said that the company is looking at potential purchases of rare-earth deposits in Malaysia and Brazil. It also plans to work with developers who are still in the early stages to bring their mines on line. She said that the Macquarie Australia Conference, held in Sydney, was a forum where she discussed how to grow the world's second largest producer of rare earths outside China. She said that Lynas' processing facilities in Malaysia have a similar geology to many other parts of Southeast Asia. This includes Myanmar. Myanmar is an important supplier of...

Mineral Resources

Report: China's Ant Group will list its overseas unit in Hong Kong

Chinese media, citing anonymous sources, reported that Ant Group, a subsidiary of China's ecommerce giant Alibaba Group, plans to list Ant International on the Hong Kong Stock Exchange. Caixin reported, citing sources close to the company that Ant was in communication with regulators regarding the possible listing. The report didn't specify whether discussions took place with regulators from China or other countries. Ant International is a Singapore-based company. Alibaba controls 33% of Ant, which was founded by Jack Ma. It runs China's ubiquitous Alipay mobile payment app. Chinese authorities pulled Ant's $37-billion IPO in Shanghai & Hong Kong in 2020....

Mineral Resources

Nickel assets in a challenging scenario: Alternatives to value checking

The CEO of Brazilian nickel miner Vale said that the company is looking at alternatives to sell its nickel assets, including partnerships and putting them in care and maintenance. This is because the market has a difficult short-term outlook, he added. The chief executive of the company, Gustavo Pimenta, told reporters in Rio de Janeiro that there is a surplus on the market due to Indonesian production. "Nickel is attractive on a medium- and long-term basis," said Pimenta, citing the demand for electric car production. The executive said, "The question now is how to stay profitable in the short-term." Vale's...

Mineral Resources

Cemex, the Mexican cement company, has seen its core profits fall due to a weaker local market.

Cemex, the Mexican cement manufacturer, reported a 18% drop in its core earnings in the first quarter of the year on Monday. This was largely due to headwinds in local markets. Cemex's earnings were $601 million in line with expectations, due to the weaker peso and lower volumes in Mexico, according to its filing. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to a rush to complete government infrastructure projects last year before presidential elections. On Monday, the firm reiterated its forecast that it expects to reach an EBITDA...

Mineral Resources

USTR holds productive commercial meeting with Vietnam

In a Thursday statement, the U.S. Trade Rep Jamieson Greer said that he and his Vietnamese counterpart had a productive meeting in which they both agreed to make rapid progress in reciprocal trade. Greer and Vietnam’s Minister of Industry and Trade Nguyen Han Dien spoke Wednesday and "instructed [their] teams to engage in technical discussion in the coming days in order to discuss efforts on expanding market access and addressing unfair trade practices," according to the statement. The statement stated that "Both sides agreed it is important to make rapid progress toward reciprocal and equal trade between the United States...

Mineral Resources

Mining group Eramet keeps 2025 output targets despite Q1 setbacks

Eramet, a French mining company, maintained its full-year production targets on Thursday despite lower manganese and Nickel volumes which contributed to flat sales in the first quarter. The company reported quarterly sales adjusted to 742 million euros (842 million dollars) and said that sales volumes at its manganese mining in Gabon were down 15% on an annual basis due to a strike by workers and logistical issues at Owendo Port. Eramet, the Indonesian nickel ore miner, attributed this decline to destocking of local processing plants. The Chairwoman and CEO Christel Bories also attributed the "more difficult" than expected first quarter...

Mineral Resources

Indonesia Nickel group demands a reevaluation of the new mineral royalty rules

Secretary general Meidy Kathrin, of the Indonesia Nickel Miners Association, said that on Wednesday they called on the government to reevaluate a recent regulation imposing higher royalty rates on nickel ore. Meidy says that the new royalties will burden miners already facing rising costs. She said that she understood that the policy had been officially enacted but hoped that the government would still allow for dialogue. Meidy stated that under the new rules Indonesia will impose a royalty rate of 14% to 19.0% on nickel ore. This is an increase from the existing single tariff of 10.0%. Semi-refined nickel pig...

Mineral Resources

B2Gold will cut 300 jobs from Namibia in this year

B2Gold, a Canadian gold mining firm, plans to reduce 300 jobs in Namibia by the end of this year. The company will continue its phased downscaling at Otjikoto after it has exhausted open pit reserves. Otjikoto, which started commercial production in March of 2015, produced an unprecedented 198,142 gold ounces last year. This accounted for almost a quarter B2Gold’s total output. "By 2025, we will reduce our permanent staff from 700 to 400. This means that 300 employees will be affected during 2025", B2Gold Namibia’s country manager John Roos told reporters Monday at a company presentation. Otjikoto also reported a...

Mineral Resources

Indonesia's social security fund of $48 billion is looking to double its equity exposure

A top official said that Indonesia's social security fund BPJS Ketenagakerjaan (a $48 billion institution) aims to increase the local equity share in its portfolio up to 20% in three years. The recent stock market crash has created room for investing in undervalued stocks, he added. Edwin Ridwan is the director of the state-owned agency's investment development. He said that, since the Indonesian stock market crash, the fund has increased its investment in stocks with large market capitalisation. In an interview, he stated that "these are the conditions in which people sell, if you look at the history, whenever the...