Indonesia – Page 3

Basic Energy, Malaysian partner to drill 10 oil wells in Indonesia

Economy

Jun 262013

Basic Energy, Malaysian partner to drill 10 oil wells in Indonesia

MANILA, Philippines – Basic Energy Corp. and its Malaysian partner Petrosolve Sdn Bhd have forged a deal to develop 10 oil wells in Indonesia. In a disclosure to the Philippine Stock Exchange, Basic Energy said the partnership has reached an agreement for PT Basic Energi Solusi to acquire from Petrosolve the rights to manage 10 identified oil wells in the Central Java area. PT Basic Energi Solusi is the foreign investment company incorporated by the parties’ joint venture company, Grandway Group Ltd., in Jakarta, Indonesia. Under the agreement, PT Basic shall initially manage the development of two oil wells in the area. “PT Basic Energi Solusi shall implement a development plan aimed at rehabilitating old or abandoned oil wells for possible limited production. It has commenced mobilization of the necessary manpower resources and logistics in the areas involved to oversee the drilling operations soon to be undertaken,” Basic Energy said. The business program in Indonesia is banking on the experience of Basic Energy in exploring oil wells and the chemical technology of Petrosolve for increased oil production. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Presently, oil in the area is produced by small groups of miners, using a combination of manual and mechanized systems to reach variable depths ranging from 80 to 300 meters, Basic Energy said. Basic Energy and Petrosolve announced their partnership in February, saying that the partnership would allow both companies to expand their respective operations globally. The partnership could be for projects within and Read More …

State weather forecasters say little chance of Indonesia haze reaching PHL

News

Jun 232013

State weather forecasters say little chance of Indonesia haze reaching PHL

Philippine state weather forecasters believe there is little chance of the haze that has affected Indonesia, Singapore and Malaysia reaching the Philippines. A report on Bombo Radyo quoted PAGASA as saying the winds from the southwest monsoon are likely to keep the haze out of the Philippine area of responsibility. In past days, a haze has affected Indonesia, caused by illegal forest fires on Sumatra island to clear space for palm oil plantations. The haze reached Singapore and now threatens Malaysia. According to reports on Malaysia’s The Star Online, winds from the southwest carried the haze from Riau to the central and southern part of the west coast of Peninsular Malaysia, with several schools in Malaysia having to be closed due to the haze. — BM, GMA News

Basic Energy, Malaysian partner in talks for Indon oil venture

Economy

Jun 202013

Basic Energy, Malaysian partner in talks for Indon oil venture

MANILA, Philippines – Basic Energy Corp., said it is currently in discussions with Petrosolve Sdn Bhd of Malaysia for a project to manage and supervise oil wells in East Java, Indonesia. In a disclosure to the Philippine Stock Exchange, Basic Energy said it is in talks with its Malaysian partner for the assignment of rights to PT Basic Energi Solusi to manage and supervise certain oil wells in Indonesia. PT Basic Energi Solusi , a foreign investment company incorporated in Indonesia, is owned and controlled by Grandway Group Ltd., the joint venture company of Basic Energy and Petrosolve. “The discussions involve the identification and selection of oil wells and the right to undertake some aspects of the management and operation of which shall be assigned by Petrosolve to PT Basic Energi Solusi,” Basic Energy said. When the assignment is finally negotiated and implemented, PT Basic Energi Solusi shall be poised to undertake the agreed upon aspects of the operations of the selected oil wells, which shall involve the mobilization of its financial, technical and operations resources, derived from the joint venture, Basic Energy also said. Last month, Indonesian authorities approved the investment of the Grandway Group in PT Basic Energi Solusi, to be used for projects involving the management and supervision of oil wells in Indonesia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Basic Energy and Petrosolve announced their partnership in February, saying this would allow both companies to expand their respective operations globally. The partnership could be Read More …

Timor-Leste PM due for official visit

News

May 292013

By Tarra QuismundoPhilippine Daily Inquirer 5:08 am | Thursday, May 30th, 2013 Timorese Prime Minister Kay Rala Xanana Gusmão: Coming next week for official visit PHOTO FROM TIMOR-LESTE.GOV.TL MANILA, Philippines—Timorese Prime Minister Kay Rala Xanana Gusmão is set to fly to Manila next week on his first official visit to the Philippines, the Department of Foreign Affairs (DFA) said Wednesday. Gusmão, Timor-Leste’s first president after independence from Indonesia in 2002, will be in the Philippines from June 5 to 9 to firm up cooperation on education, trade and investment, infrastructure and defense, DFA spokesman Assistant Secretary Raul Hernandez said Wednesday. During his five-day stay, Gusmão will deliver a lecture at the University of the Philippines College of Law and visit industrial areas in Subic Bay in Olongapo City and Clark Field in Pampanga to link up with potential investors. Gusmão is currently serving his second five-year term as prime minister and is concurrently Timor-Leste’s minister for defense and security. He was a leader of the resistance movement that campaigned for Timor-Leste’s independence from Indonesia, which occupied the territory after centuries of Portuguese occupation. Timor-Leste is currently campaigning to become a member of the Association of Southest Asian Nations, of which the Philippines is a founding member. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Read More …

MVP Group eyes Davao farm

Economy

May 212013

MANILA, Philippines – The group of businessmen Manuel V. Pangilinan is eyeing 30,000 hectares of land in Davao Oriental for palm oil production. Pangilinan, the managing director and chief executive officer of Hong Kong based First Pacific Co. Ltd. said the conglomerate’s agribusiness unit PT Indofood has sent a team to Davao Oriental to assess available areas suitable for palm oil production. “We’re still waiting for the assessment of Indofood with regards to a potential palm oil plantation,” he told reporters yesterday. “So far only palm oil has been assessed,” he added. The total hectarage is only 10 percent of what Indofood has secured in Indonesia. Indofood’s palm oil cultivation area in Indonesia is placed at around 240,000 hectares, making it the third largest palm oil producer in the world. “It is large in Philippine standards but not in global standards,” said Pangilinan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pangilinan’s group is planning to put up an integrated palm oil production chain starting from palm cultivation to producing crude palm oil from palm branches. Crude palm oil could be processed further into cooking oil and other applications. “We will build not only a plantation but also factories,” said Pangilinan. He said the finished products could be used for domestic consumption or for export. Pangilinan earlier said that his group is looking at sizeable agricultural areas that could be leased for cultivation of palm oil, sugar, rubber, coffee and cacao. He said the conglomerate is more interested Read More …

Seair to impose higher fuel surcharge

Economy

Feb 092013

MANILA, Philippines – Low-cost carrier Southeast Asian Airlines (Seair), a unit of Tiger Airways Holdings Ltd. of Singapore, is set to impose higher fuel surcharge for all its international and domestic passengers on the back of the continued rise in the price of aviation fuel in the world market. Seair has filed a petition with the Civil Aeronautics Board (CAB) seeking to impose a fuel surcharge of P500 for all its international passengers and P300 for all its domestic passengers flying within the Philippines except Davao. The budget airline is also set to impose a fuel surcharge of P400 for the passengers of its Manila to Davao flights. The CAB allows airlines to impose fuel surcharge on international and domestic passengers as a temporary relief to help them recover losses arising from the increase in jet fuel prices in the world market. Latest results of the jet fuel price monitor of the International Air Transportation Association (IATA) showed that average price of jet fuel rose 3.8 percent to $132.4 per barrel from a month ago level or higher than the full year target of $130.3 per barrel set by IATA. Seair flies from Manila to Cebu, Davao, Tacloban, Iloilo, Puerto Princesa, Bacolod, and Boracay via the Ninoy Aquino International Airport (NAIA). Its international destinations include Hong Kong, Singapore, Bangkok, and Kota Kinabalu via the Clark International Airport in Pampanga. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In August last year, Tiger Airways through wholly-owned subsidiary Roar Aviation II Read More …

MPTC mulls expansion in Cebu, Asean countries

Economy

Feb 052013

MPTC mulls expansion in Cebu, Asean countries

SINGAPORE – Metro Pacific Tollways Corp. (MPTC), the largest toll road management firm in the Philippines, is settings its sights on Cebu and countries like Vietnam and Indonesia for expansion. The tollway management unit of Pangilinan-led Metro Pacific Investments Corp. (MPIC) will pursue almost 120 kilometers of toll roads in the two Southeast Asian countries as it conducts a study for a P26-billion toll bridge in Cebu, company officials said. In a briefing, MPTC executives outlined the company’s expansion plans specifically in emerging Vietnam and Indonesia that, like the Philippines, need more infrastructures to help sustain robust economic growth. MPTC president Ramoncito S. Fernandez said the company has identified the Becakayu toll road project in Indonesia as an investment opportunity. “The project is envisioned to connect Jakarta to the eastern part of Bbekasi City,” he said. It will be divided into two sections: the 10.167-kilometer Casablanca to Jaka Sampura and the 10.875-km Jaka Sampura to Marga segment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PT. Kresna Kusuma Dyandra Marga, which holds the 45-year concession of the expressway, earlier discussed the project with Citra Marga Nusaphala Persada (CMNP) but the latter found the entry at the high side. There are plans to discuss with industrial firm Bouygues Group “for a potential partnership to include CMNP,” MPTC said. In Vietnam, MPTC is looking at the six-lane, 98.7-km Dau Giay Phan Thiet Expressway project. Key bid parameter is the viability gap financing amount requested by the bidder,” MPTC said. The first Read More …

Steady hike in tollroad traffic seen

Economy

Feb 032013

SINGAPORE – Metro Pacific Tollways Corp. (MPTC), a subsidiary of infrastructure conglomerate Metro Pacific Investments Corp., expects a single digit growth in traffic volume for its toll roads this year, an official said. MPTC president Ramoncito S. Fernandez said in an interview that the toll road firm expects continuous traffic volume growth in its portfolio. “The election season results in mobility,” Fernandez said. For instance, a seven percent growth in the traffic volume is projected in the 94-kilometer Subic-Clark-Tarlac Expressway (SCTEx), four to five percent for the 84-kilometer North Luzon Expressway (NLEx), three percent for the 14-kilometer Manila-Cavite Expressway (CAVITEX), and as much as eight percent for the Kawit portion of CAVITEx, Fernandez said. MPTC reported that its core income, which strips out currency and derivatives-related items, grew three percent to P1.52 billion last year. Total revenues rose five percent to P6.88 billion “benefiting from higher growth in Class 2 and 3 vehicles or those of higher value,” Fernandez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Class 2 vehicles like buses and Class 3 vehicles like cargo trucks and trailers are charged higher rates compared with Class 1 vehicles like jeepneys, pick-up vans and cars. CAVITEx and SCTEx have pending requests for rate hikes before the Toll Regulatory Board. Average daily traffic hit 163,400 vehicles last year, up four percent from 2011, MPTC said. Fernandez said the contract to maintain and operate the SCTEx is under renegotiation, with average traffic volume at 25,000, which is below the expected 30,000. Read More …

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