Indonesian Billionaire Prajogo Pangestu's Petrosea Bags $214 Million Mining Contract From Sinar Mas Group

Forbes

15-07-2025

Barasentosa Lestari coal concession in South Sumatra.
Petrosea—a provider of mining engineering services backed by Indonesian billionaire Prajogo Pangestu—said it won a 3.5 trillion rupiah ($214 million) contract from a coal company controlled by the Widjaja family's Sinar Mas Group.
Under the five year contract, Petrosea will become the mining services contractor for Barasentosa Lestari's coal mine in the North Musi Rawas Regency, around 600 kilometers north west of Jakarta for the next five years, according to an announcement on Tuesday.
'This contract is part of Petrosea's long-term strategy to increase value creation through business expansion and business development to the South Sumatra area,' Iman Darus Hikhman, mining director of Petrosea, said in the statement.
Barasentosa Lestari, a subsidiary of Golden Energy and Resources, holds a concession of over 23,000 hectares and nearly 190 million tonnes of coal reserves. Golden Energy, which delisted from the Singapore Exchange in 2023, acquired Barasentosa in 2018 for $65 million from Amsterdam-based GMR Energy and GMR Infrastructure.
Petrosea has been deepening its partnerships in the mining industry. In April, it won a 16 trillion rupiah ($954 million) contract from the Indonesian unit of Brazilian miner Vale.
With a real-time net worth of $31.2 billion, Pangestu ranks among Indonesia's wealthiest individuals. He holds stakes in coal mining company Petrindo Jaya Kreasi, the biggest shareholder Petrosea, as well as in Barito Renewables—both of which went public in 2023.
Meanwhile, Prajogo's partner in the deal, the Widjaja family, has a net worth of $18.9 billion. Beyond mining, their Sinar Mas Group has business interests in real estate, paper production, financial services, telecommunications, and agribusiness.