Latest news with #Pertamina
Free Malaysia Today
12 hours ago
- Business
- Free Malaysia Today
Govt won't interfere in case of Indonesian oil tycoon, says Anwar
Indonesian authorities are currently working with immigration officials in Malaysia to confirm the whereabouts of oil tycoon Riza Chalid. (Facebook pic) PETALING JAYA : Prime Minister Anwar Ibrahim says the government will not interfere in legal matters pertaining to Indonesian oil tycoon Riza Chalid, who is a suspect in a corruption case related to fuel imports. 'Let the legal process in Indonesia continue,' he was quoted as saying by Indonesian weekly Tempo. However, he did not explicitly respond to questions regarding Riza's presence in Malaysia. Anwar admitted to several editors-in-chief in Jakarta on July 29 that he had met Riza, who is believed to be in Malaysia. On July 16, acting Indonesian immigration director-general Yuldi Yusman said immigration records showed that Riza had been in Malaysia since Feb 6, after departing from Soekarno-Hatta Airport. Indonesian authorities are currently working with immigration officials in Malaysia to confirm Riza's whereabouts. Earlier this month, The Jakarta Post reported that Riza had been named as a suspect in a corruption case linked to fuel imports at subsidiaries of Pertamina, the state-owned oil and gas giant, which registered trillions in losses. Indonesian investigators said they found enough evidence to name the businessman as a suspect in their probe which has seen seven people arrested, including Riza's son, Kerry Adrianto.
Business Times
2 days ago
- Business
- Business Times
Philippine energy giant Citicore Renewable eyes Cambodia, Myanmar after Pertamina deal
[SINGAPORE] Philippines-listed Citicore Renewable Energy (CREC) is making its regional play while the sun shines, powered by a recent tie-up with Indonesia's Pertamina that could spur future forays – and perhaps a secondary listing – in other South-east Asian markets. President and chief executive Oliver Tan of the home-grown pure-play renewable energy developer and operator told The Business Times that Indonesia was the first step towards regional expansion. 'In particular, we are looking at potential opportunities to build solar (facilities) in Indonesia and export to Singapore to power its green-energy data centre demand… maybe in the next two years,' said Tan, who is Filipino. CREC inked a US$120 million share subscription agreement with state-owned Pertamina's new and renewable energy unit in June – a courtship that began some 15 months before a closing was reached, said Tan. The Indonesian energy giant now holds a 20 per cent stake in the Philippine company, with its public float accounting for another 20 per cent and the remainder owned by parent company Citicore Power. Asked which country could be next, the chief executive said: 'Cambodia is exciting because of its strategic geographical location (in terms of the Asean power grid) and its land mass. Myanmar is also exciting.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Comparatively, property in Thailand is expensive because of how the country markets itself as a tourist destination, and hence, building solar facilities there could be relatively difficult, he added. Sun, sea, sky: Who's the cash cow? For now, CREC's solar assets are all within the Philippines. It boasts 10 operating utility-scale solar farms with a combined gross installed capacity of 285 megawatts across the three main island groups of the archipelago. Seven plants lie in the largest northernmost cluster of Luzon; two are in the central cluster of Visayas; and the remaining one is in the southern island group of Mindanao. A 25-megawatt-peak utility-scale solar photovoltaic power plant located in Silay, Negros Occidental. Two of CREC's 10 operating solar farms lie in the archipelago's central island cluster, Visayas. PHOTO: CITICORE RENEWABLE ENERGY Eight more utility-scale solar plants will be energised between now and December, which will bring CREC's total solar capacity to about 1,300 megawatts by the end of the year, said Tan. He added that the additional 1,000 megawatts CREC will switch on is backed by 20-year offtake contracts with the Philippine government, which derisks the project as a guaranteed buyer exists. This development is also in line with CREC's plan to build and energise 1,000 megawatts of solar power every year for the next five years. Work has already begun on its second batch, noted the chief executive. As for hydropower, CREC is currently developing a run-of-river facility targeted for completion three years from now. Its wind assets are also under construction. The group is developing four onshore wind power projects – comprising between seven and 40 turbines each – with a combined capacity of 360 megawatts. The smallest of the quartet is due for completion in end-2026. Asked about CREC's revenue breakdown, Tan said that, for the past three years, the group commanded a 20 per cent market share of total solar-generated power in the Philippines. As at end-2024, 11 per cent of the power generated from CREC's 10 operating utility-scale solar farms goes to the government and 84 per cent to commercial and industrial customers, he added. The remainder goes to the Philippine Wholesale Electricity Spot Market – a centralised electricity-trading venue where prices are determined based on actual use (demand) and availability (supply). CREC expects the government's share to increase to 90 per cent by the beginning of 2026, as six of the additional eight solar plants under construction are committed to the authority's Green Energy Auction Program. In the bigger picture, CREC's vision is to be able to provide round-the-clock, uninterrupted power supply from pure renewable energy – and the answer lies in energy storage systems, which will revolutionise the renewable energy sector, said Tan. 'We are about to switch on our first solar battery in end-July or early-August – that's the first in the Philippines,' noted the chief executive. 'We're already doing the testing, commissioning and all those protocols in order to dispatch electricity to the market. It's in the final stages of construction, punchlisting and testing,' he said. Growth drivers Tan told BT that national energy transition ambitions are a key growth driver for CREC. The Philippines has set a target of increasing the share of renewable energy in its power generation mix to 35 per cent by 2030 and 50 per cent by 2040, and is actively promoting electric vehicle (EV) adoption. 'We're still at an infant stage of EVs in the Philippines,' said Tan. 'If there is a wide embrace of EVs, that will also drive power demand.' The chief executive added that another new business segment with huge potential is agrosolar, which refers to the practice of growing crops or raising livestock underneath solar panels. A 7-megawatt-peak utility-scale solar photovoltaic power plant located in Tarlac City within the province of Tarlac, Luzon. CREC currently has seven operating plants in the largest northernmost island cluster of the Philippines. PHOTO: CITICORE RENEWABLE ENERGY Noting that one megawatt capacity requires roughly 10,000 square metres of land, Tan said: 'We have huge tracts of agricultural land on which we're already doing pilots to plant crops.' He continued: 'We basically use the land two times to generate electricity and food. That's going to be a big, big opportunity.' Domestic growth engines apart, the Asean Power Grid is also another potential driver. 'It has been there for the last two or three decades, but now, it's becoming more realistic, although the Philippines still has to address its main transmission backbone first,' admitted Tan. Going beyond organic growth, there exists room for consolidation in the 'really fragmented' domestic solar market, continued the chief executive. 'There are many small developers which we can acquire,' added Tan, who told BT that CREC was in the midst of reviewing three potential acquisitions, but noted that these were on a project basis. He explained that in the Philippines, the only companies with a portfolio comprising many projects that are pure solar are Citicore, Acen and Meralco. 'The rest are really per project,' he continued. 'So if you are to consolidate, you have to acquire on a per-project basis. You cannot acquire a company with many projects.' Tan added that the current round of acquisitions are expected to be completed before year-end. A country boy with a city dream CREC listed on the Philippine Stock Exchange (PSE) mainboard in June 2024, raising some 5.3 billion Philippine pesos. In the one-year span, its market capitalisation of 24.1 billion Philippine pesos at the time of listing almost doubled to 46.2 billion Philippine pesos (S$1.04 billion) as at Friday (Jul 25). This is the third initial public offering Tan has taken to market since he joined Megawide Construction in 2009. The mainboard-listed construction and infrastructure conglomerate is a sister company of Citicore Power, the parent company of CREC. Megawide listed on the PSE in 2011, followed by Citicore Real Estate Investment Trust – sponsored by CREC – in 2022, and CREC itself in 2024. CREC's vision is to be able to provide round-the-clock, uninterrupted power supply, says president and chief executive Oliver Tan. PHOTO: CITICORE RENEWABLE ENERGY On the listings, Tan said: 'We have bold dreams, but we need capital to fuel our dreams.' He added: 'We're country boys who came from the province (with) big dreams in a big city called Metro Manila – first generation, chasing our dreams.' Asked about the likelihood of a secondary listing in Singapore, which Tan initially brought up in jest during the interview, the chief executive remained coy and replied: 'That's an option.' He conceded that Singapore would align with CREC's regional play, but maintained: 'We're considering. Our DNA – we're dreamers. We dream big, which means when we look at things, all (options) can be considered.'
Yahoo
6 days ago
- Business
- Yahoo
Indonesia Energy Plans to Commence Drilling Two Wells at Kruh Block During the Remainder of 2025
JAKARTA, INDONESIA AND DANVILLE, CA, July 23, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC's 63,000 acre Kruh Block commencing in the fourth quarter of 2025. The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC's wellsite prospects and drilling locations with a view towards maximizing production. IEC's planned drilling activities are expected to encompass: Two wells being drilled back-to-back to help minimize mobilization costs. A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection. The wells will be designated 'Kruh-29' (Kruh Field, planned total depth: 3,400 ft) and 'West Kruh-5' (West Kruh Field, planned total depth: 5,200 ft), representing IEC's first new well drilling activity in West Kruh Field. Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities. For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed. For West Kruh-5, tender documents for required third party vendors are being prepared. Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end. Mr. Frank Ingriselli, IEC's President, commented 'We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.' In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC's planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC's annual report on Form 20-F which was filed on April 29, 2025 with the Securities and Exchange Commission and is available on IEC's website at: About Indonesia Energy Corporation Limited Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit Cautionary Statement Regarding Forward-Looking Statements All statements in this press release, and related statements of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, the words 'could,' "estimates," 'seek,' "believes," "hopes," "expects," "intends," 'on-track', "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC's future drilling plans at Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, and IEC's website at IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Company Contact:Frank C. IngriselliPresident, Indonesia Energy Corporation in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
22-07-2025
- Politics
- The Star
Indonesian authorities track Pertamina suspect Riza Chalid to Malaysia
JAKARTA: The Immigration and Corrections Ministry has revealed that the last-known whereabouts of Muhammad Riza Chalid, a key suspect in the high-profile corruption case involving state-owned oil and gas giant Pertamina, was traced to Malaysia. The ministry said last week that Riza departed Indonesia on Feb 6 for Malaysia and had not returned since. 'Based on the information we have, he is still in Malaysia to date,' deputy immigration minister Silmy Karim told reporters on Monday (July 21), as quoted by Antara. Acting immigration director general Yuldi Yusman previously said his office was coordinating with its Malaysian office and had 'communicated with the Malaysian Immigration Department and the Royal Malaysia Police to locate Riza'. He added that Riza had entered Singapore in August 2024 on a visitor visa. Also last week, in response to media reports speculating about his whereabouts shortly after he was declared a suspect in the Pertamina case, the Ministry of Foreign Affairs Singapore announced that Riza was not in the island state and 'had not entered Singapore for quite some time'. Separately, Attorney General's Office (AGO) spokesperson Anang Supriatna said investigators had been aware that immigration authorities had tracked Riza to Malaysia. 'We are currently looking into it to verify the details while continuing [our] efforts to bring Riza in for questioning," Anang told The Jakarta Post on Saturday. He added that the AGO would send a summons to Riza's registered address in Indonesia this week. If Riza failed to respond to multiple summonses, however, investigators might consider taking firmer action to compel him to appear for questioning, Anang said, without providing details on potential measures. Legal experts have meanwhile suggested that Indonesia could declare Riza a fugitive and submit a Red Notice request to Interpol to kick off an international manhunt, as well as initiate extradition proceedings. The Extradition Law contains provisions on the involuntary return of fugitives involved in high criminal offences in Indonesia, such as corruption. The law is ratified in bilateral treaties with several countries, particularly neighbouring nations with high cross-border mobility, including Malaysia, the Philippines, Singapore and Australia. Dubbed the 'godfather of oil' for his influence in the industry, the AGO named Riza as a suspect on July 11 for allegedly conspiring with executives of Pertamina and its subsidiaries to manipulate a leasing agreement for a fuel terminal in Merak, Banten, even though the oil and gas giant had no need of additional storage. As the beneficial owner of private fuel terminal and logistics companies PT Tangki Merak and PT Orbit Terminal Merak, Riza is also accused of profiting from the inflated terminal leasing agreement with Pertamina. The 17 other suspects, which include current and former senior executives of Pertamina and its subsidiaries as well as private companies such as Riza's son Kerry Adrianto, are already in the AGO's custody in connection with the case, which has incurred an estimated Rp 286 trillion (US$17 billion) in state losses. The AGO's initial investigation into the Pertamina corruption case centered on fraudulent schemes related to fuel import deals from 2018 to 2023 and the procurement of lower-octane subsidised gasoline for resale as a more expensive brand. The scandal has caused public trust in the state oil and gas holding company to plummet as fears rose among consumers nationwide that they might have been tricked into paying premium prices for low-quality fuel. - The Jakarta Post/ANN
The Star
18-07-2025
- Business
- The Star
Indonesia still negotiating details, exemptions on US tariff deal: Official
JAKARTA: Indonesia is still negotiating the details of its recently-reached trade deal with the United States after the latter lowered tariff rates on the South-East Asian country, and is pursuing exemptions for its exports of palm oil and nickel, an official said on Friday (July 18). The two countries reached a trade deal that led to a reduction in the proposed tariff rate to 19% from 32%. The deal was one of only a handful reached so far by the Trump administration ahead of the Aug 1 negotiation deadline. Susiwijono Moegiarso (pic), a senior official at the country's economic ministry, told reporters that the two countries are still negotiating the fine details of the agreement, adding that the 19% rate will be imposed on top of existing sectoral tariffs. Indonesia has asked the United States to exempt its exports of cocoa, rubber, crude palm oil and nickel from the levy, he said, adding that US technology products will also be exempted from Indonesia's "local content" rules, which require companies to use locally-made components in its manufacturing. Indonesia is the world's biggest palm oil producer and the biggest supplier to the United States, accounting for 85% of its total imports in 2024. "This is a good opportunity, this will become a good factor for us," Susiwijono said. "The deal should be good to support our exports." Indonesia will also buy jets for its flag carrier Garuda Indonesia from Boeing, and its state energy firm Pertamina will also import energy from the United States, subject to business reviews, Susiwijono said. He added that all US goods imported into Indonesia will face zero tariffs, with the exception of alcoholic drinks and pork, and some US goods will be exempted from import quota rules. - Reuters
