Indonesia

A company official confirmed on Thursday that the Indonesian state energy company Pertamina will divert fuel from its Dumai refinery to some areas in Sumatra after a fire broke out at the facility. The official added that there had been no disruptions of supply. Agustiawan, a company spokesperson, said that the fire was put out late Wednesday night. He added that gasoil and other supplies were still safe for nearby Sumatra areas. The refinery is still able to supply jet fuel and gasoil for certain areas. Agustiawan stated that other Pertamina refining facilities will divert gasoil and fuel jet to...

Pertamina, the Indonesian state energy company, said that Vivo Energy Indonesia, a private retailer, has agreed to purchase 40,000 barrels out of 100,000 barrels imported by Pertamina to relieve fuel shortages in private retailers. Shell, BP AKR – the operator of BP’s fuel stations – Vivo and other companies ran out of supplies this month after more customers sought them out following a report on the quality of Pertamina’s gasoline. In order to alleviate the shortages, the government has allowed private retailers to import additional fuel via Pertamina. Vivo has agreed to an inter-company process with Pertamina. Vivo will take...

Pertamina, the Indonesian state energy company, said that Vivo Energy Indonesia, a private retailer, has agreed to purchase 40,000 barrels out of 100,000 barrels imported by Pertamina to relieve fuel shortages in private retailers. Shell, BP AKR – the operator of BP’s fuel stations – Vivo and other companies ran out of supplies this month after more customers sought them out following a report on the quality of Pertamina’s gasoline. In order to alleviate the shortages, the government has allowed private retailers to import additional fuel via Pertamina. Vivo has agreed to an inter-business agreement with Pertamina. Vivo will take...

The United States agreed to in principle exempt Indonesian cocoa, rubber and palm oil exports from President Donald Trump’s tariff of 19% since August 7, said the Southeast Asian nation’s chief tariff negotiator on Tuesday. Airlangga hartarto, also chief economic minister of Indonesia, said in an interview that the exemption would take effect after both sides reached a final agreement. However, no deadline was given as the U.S. is busy with tariff negotiations with other countries. Airlangga added that the U.S. also discussed a possible investment by its sovereign wealth fund Danantara in Indonesia's fuel storage, along with state energy...

According to two sources with knowledge of the matter, and a presentation from the economic ministry, Danantara, Indonesia's sovereign wealth fund, plans to sign a $8 billion contract with U.S. engineering company KBR Inc. to build 17 modular refining plants. The contract was part of the trade agreement between Indonesia and the United States last week, which led to the reduction in threatened tariff rates from 32% to 19%. Airlangga Hartarto of Indonesia, who is the chief negotiator for the deal, revealed the modular refinery design during a briefing held behind closed doors on Monday night with Indonesian business leaders....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Oliver Tan, the Chief Executive Officer of Citicore Renewable Energy Corp in the Philippines, said in an interview with The Philippine Star on Wednesday that he expects to see a nearly ninefold increase in solar installed capacity by 2026. This will amount to approximately 2,56 gigawatts. Tan, one of the Philippines’ largest solar power producers, behind ACEN Corp., said that Citicore would add 1 GW by the end this year and another 1.17 GW by 2026. The company has 0.29 GW installed solar capacity. This is the result of a 20% stake purchased by the renewable energy division of Indonesian...

China, the largest coal importer in the world, reduced its imports by 18% on an annual basis, according to customs data released Friday. Low-cost domestic coal eroded overseas purchases, while renewables slowed down coal-fired electricity generation. According to the General Administration of Customs, imports were 36.04 millions metric tons for the month, down from 43.82million tons in May 2024. This was the third consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February were excluded because they are affected by Lunar New Year holidays. The data shows that coal...

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....

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...

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...

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%...

Vale Base Metals began operating a new Nickel furnace at its Onca Puma Complex in northern Brazil. The company claimed that this would increase the nominal production capacity of the asset by 60%, and allow them to produce more for lower costs. Shaun Usmar, Vale Base Metals' CEO, said on Tuesday that the new furnace would help the company deal with the current low nickel prices. The firm attributes the low nickel price to an oversupply of nickel from Indonesia. It will also put Vale Base Metals in a very strong position for when the market recovers. Usmar stated that...

Shanghai tin reached a six-month high Tuesday as supply concerns grew following reports about a crackdown against illegal mining in Indonesia, a key producer. The Indonesian president Prabowo Subito ordered the closing of 1,000 illegal tin mining operations on the island Sumatra where tin-mined goods were being smuggled on small boats and ferryboats, according to state media Antara. Antara quoted Prabowo as saying that 80% of the tin produced in the main producing region of Bangkia Belitung, off the east shore of Sumatra, was being smuggled abroad. Fears of a lower supply in the second largest tin-producing country in the...

On Monday, tin prices reached their highest level in nearly six months as fears of a shortage of supplies were sparked by reports of an Indonesian crackdown on mining. The Indonesian president Prabowo Subianto has ordered the closing of 1,000 illegal tin mining operations in Bangkia Belitung, a key region for tin production off the east coast Sumatra. Tin was being smuggled on small boats and ferryboats. "There are 1,000 illegal mines in this region." "I ordered the related parties to launch a large-scale operations in Bangka Belitung starting September 1 and shut down almost 80% of smuggled Tin," Prabowo...

Restu Widiyantoro, the chief executive of Indonesia's state-run tin mining company PT Timah, told a parliamentary committee on Monday that despite a weak first half production, he is confident it will reach its target output of 21,500 metric tonnes this year. He said that a taskforce, which will crack down on illegal mining of tin in Timah’s mining zone, is expected to assist the company achieve its goal. Data from the company showed that in the first half of this year, Timah’s tin ore production dropped 32% on an annual basis to 6,997 tonnes, and its refined tin output fell...

A spokesperson from Norges Bank Investment Management, the fund's operator said that Eramet, a French mining company, was excluded from its portfolio due to ethical reasons. According to data from the fund, as of 30 June, it held a stake in Eramet valued at $6.8 millions. Eramet didn't immediately respond to a comment request. The Council on Ethics of the fund, which is its ethics watchdog, recommended the divestment due to Eramet’s participation in Indonesia’s PT Weda Bay Nickel, where Eramet is the operator of mine. The Council on Ethics recommended that Eramet SA should be excluded. "There is an...

Rilke Jeffreyri Huwae, an official from the mining ministry, said that a task force in Indonesia seized a 148 hectare area (366 acres) of PT Weda Bay Nickel because it did not have the necessary forestry permits. The government is targeting illegal mining operations as part of an overall crackdown. Last month, President Prabowo said that the government had identified more than 1,000 illegal mining operations. Rilke stated that PT Weda Bay Nickel holds a mining permit but does not have the forestry licence required to exploit the region. The nickel-rich Halmahera island is home to the Weda Bay Nickel...

The Indonesian miner PT Merdeka Copper Gold Tbk announced on Monday that its gold mining division has received approval from the regulator for bookbuilding in preparation for an initial public offer to raise up to 4.9 trillion rupiah (300.6 million dollars). PT Merdeka Gold Resources said it plans to issue up to 1.6 billion shares at the IPO scheduled on September 17-19. Statement said that the company would use the proceeds to pay off debts and fund its gold mining, processing and manufacturing business. The company's flagship mine, Pani Mountain in Sulawesi, is estimated to contain 7 million ounces gold....

South32, a diversified Australian miner, is closely monitoring the alumina developments occurring in Indonesia. The CEO Graham Kerr stated on Thursday that South32 will be watching to see if they drag down the prices of tin in the global markets in the same manner as its nickel industry. In recent years, Indonesia has increased its production of nickel to make it the world's largest supplier. This is a result of Indonesian efforts to increase domestic processing. Since then, the Indonesian government has sought to replicate this success on other markets. Last year, Indonesia became a net exporter for alumina. Alumina...

A spokesperson for PT Freeport Indonesia said that the company expects its East Java joint venture smelter to be repaired by early September. The company reported that repairs at an oxygen facility delayed the startup of Gresik, a joint-venture between Freeport Indonesia, Japan's Mitsubishi Materials Corp and Freeport Indonesia. This smelter has been under maintenance for the last month. Katri Krisnati said that the repairs to the oxygen plant of PT Smelting will be completed in September 2025. She did not elaborate. The annual production capacity is 342,000 metric tonnes of copper cathode. This plant takes approximately 40% of Freeport’s...

An official announced on Tuesday that the Indonesian sovereign fund Danantara would invest in developing a nickel-processing hub with Chinese battery recycler GEM. The funds, which total $8.3 billion, will be available for investment by 2025. Danantara will be making its first venture into Indonesia's nickel sector, which is crucial to the country. The government wants to capitalize on the vast amount of nickel in the country that's used for electric vehicle batteries. Indonesia is the largest nickel producer in the world. In an interview, Pandu Sjahrir, the investment chief of the fund said that they had just signed a...

Japanese steel lobby groups have demanded early measures to stop the evasion and avoidance of anti-dumping duties aimed at protecting the domestic industry from unfair imports. This move coincides with record steel exports by China, the largest producer in the world, which have sparked protectionist reactions around the globe. Since January of last year, almost 40 countries have launched anti-dumping investigations. The Japan Iron and Steel Federation and other four industry groups have said that swift action is required as countries like China try to avoid antidumping tariffs by routing their exports through a third country or performing minimal processing...

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports. He demands that they reduce the flow of illegal immigrants and fentanyl into the U.S. Trump accepts a 30-day suspension of his threat to raise tariffs on Mexico and Canada, in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump...