Oil and Gas News Update

Late fuel subsidy removal hurts RI

Although a widely unpopular move, the gradual removal of fuel subsidies is the best option for the government to reduce its swelling budget deficit, a think thank says. more..

East Java govt protests West Madura offshore block

The East Java administration threatened Tuesday to block access to the West Madura Offshore (WMO) block to protest the central government not granting them a part in the management of WMO oil and gas resources more..

Subsidy lift may fuel economic growth by 0.8 percent: CSIS

The Centre for Strategic and International Studies (CSIS) estimates that if the government lifts the subsidy for Premium gasoline, the country's economy may grow 0.8 percent more than the previous government's prediction of 6.4 percent this year. more..

Metalworking and machine tool businesses to join expo

Around 500 local and multinational firms in the metalworking and machine tool industry will participate in the 5th International Metalworking Technology and Machine Tools Expo 2011 to be held at the Jakarta International Expo in Kemayoran, Jakarta.more..

AKRA to acquire Rp700b mining site

PT AKR Corporindo (AKRA) has planned to acquire a mining site worth Rp 700 billion (US$80 million) in Central Kalimantan this year.

AKRA director V. Suresh said his company was ready to allocate the fund required for the acquisition.

He added AKRA was searching for a mining site that could produce coal with caloric values reaching between 5,600 and 6,200 kilo calories per kilogram.

TPPI to pay $375m debt to Pertamina

PT Trans Pacific Petrochemical Indotama (TPPI) said Tuesday it would pay its debt of US$375 million to state-owned oil and gas firm Pertamina in July.
“We signed the debt settlement agreement on Monday at 11 p.m.,” TPPI president director Amir Sambodo said as quoted by kontan.co.id.
Last Tuesday, the National Arbitration Agency (BANI) issued a verdict over the debt problem between the two parties.
"The payment should be made on Sept. 1 at the latest,” Pertamina corporate secretary Karyulianto said.

Pertamina to Make $3.5 Billion Bid in Africa: WSJ

State oil and gas company Pertamina has put in a bid of about $3.5 billion for Exxon Mobil’s 25 percent stake in an Angolan oil block, surpassing an offer from a Chinese rival. more..

Overhaul of Mining Law May Deter Investment, S&P Says

A report by Standard & Poor’s Ratings Services that a regulatory overhaul of Indonesia’s mining industry would hurt companies’ performance received mixed reviews from industry players on Tuesday. more..

Palm Oil Gains on Exports by Malaysia

Palm oil advanced for a second day after exports from Malaysia, the second-largest producer, were estimated to have gained in the first 10 days of this month. more..

Pemerintah belum akan Naikkan Harga BBM

JAKARTA--MICOM: Pemerintah menyatakan belum mempertimbangkan kenaikan harga BBM kendati hampir semua pihak sudah mendesak kenaikan harga demi mencegah semakin membesarnya subsidi BBM. Selengkapnya..

Konversi BBM ke Gas Terkendala Infrastruktur

JAKARTA--MICOM: Masalah bahan bakar minyak (BBM) yang terjadi di Indonesia bisa diatasi dengan segera dengan konversi ke bahan bakar gas (BBG). Namun masalah infrastruktur masih menjadi kendala. Selengkapnya..

Pemerintah Pusat Janjikan Nilai Tambah Saham Newmont

JAKARTA--MICOM: Menteri Keuangan Agus Martowardojo mengatakan pemerintah pusat akan memberikan nilai tambah kepada pemerintahprovinsi Nusa Tenggara Barat terkait divestasi tujuh persen saham PT Newmont Nusa Tenggara. Selengkapnya..

Kadin Wacanakan Tinjau Ulang Perdagangan Bebas

PADANG--MICOM: Kamar Dagang dan Industri (Kadin) meminta pemerintah segera meninjau ulang perjanjian perdagangan bebas ASEAN-China (ACFTA) karena produsen di dalam negeri terancam gulung tikar akibat membanjirnya produk negara lain. Selengkapnya..