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World oil price fluctuates ahead of producers' meeting

21

Sep

World oil price fluctuates ahead of producers' meeting

The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the [...]

World oil price fluctuates ahead of producers' meeting. The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the New York Mercantile Exchange. Meanwhile, the European benchmark, Brent North Sea crude for November delivery, decreased 0.13 U.S. dollars to close at 45.88 U.S. dollars a barrel on the London ICE Futures Exchange. U.S. oil prices got some support after Algerian Energy Minister Noureddine Bouterfa said Tuesday that instead of informal talks, OPEC will likely hold a formal meeting as it and other major oil producers are moving toward an agreement to cut crude production by one million barrels per day to rebalance the market. In addition, Venezuelan President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to reaching an agreement to stabilize the oil market. OPEC members and Russia are set to meet in Algiers from Sept. 26 to 28 to discuss ways to stabilize the market.In the meantime, traders are also looking ahead to the release of U.S. oil inventory data. The U.S. Department of Energy will release the stockpile figures on Wednesday. `A significant increase in U.S. stocks is predicted by many analysts -- of more than two million barrels -- which would indicate that global oversupply was ongoing,` said analyst Bill Hodder at brokerage firm Love Energy, as quoted by Xinhua.    (UU.A026)
Editor: Ruslan Burhani
http://www.antaranews.com/berita/585535/harga-minyak-dunia-bervariasi-jelang-pertemuan-produsen

Industry Ministry Pushes for Increase in Domestic Rubber Consumption

21

Sep

Industry Ministry Pushes for Increase in Domestic Rubber Consumption

“The rate of domestic consumption is still way below Malaysia, China and India, which utilize over 40 percent of their production,” Airlangga [...]

Industry Ministry Pushes for Increase in Domestic Rubber Consumption. “The rate of domestic consumption is still way below Malaysia, China and India, which utilize over 40 percent of their production,” Airlangga said via press release in Jakarta, Tuesday.According to him, domestic natural rubber consumption for producing goods with high value added comprised about 20 percent of the total national production.In relation to that, the government believes that steps to increase domestic natural rubber consumption must be taken immediately. Moreover, with the policy of the government in the development of sea toll roads, it is deemed to be a big opportunity for the rubber industry to support the needs of the port development, such as rubber dock fender, rubber floating fender, and rubber bumper. “The government will build 24 ports, including the deep sea ports of Kuala Tanjung, Tanjung Priok, Tanjung Perak, Makasar and Sorong, four of which are already underway,” Airlangga said.Meanwhile, Director of Downstream Chemical Industry of the Ministry of Industry Teddy C Sianturi said that the effort to increase domestic natural rubber consumption needs to be supported by the ability of the national industry to absorb natural rubber.“Natural rubber consumption, which currently stands at 580 thousand tons per year, still has the potential to be increased,” he said.The efforts that need to be carried out include export intensification or extensification of rubber goods, as well as the creation of new industrial branches such as aircraft tire industry and aircraft vulcanization industry, which have the potential to absorb natural rubber and generate national foreign exchange.“We have also made efforts in strengthening the rubber goods industry structure, providing incentives to high-tech and export-oriented industries, as well as developing industrial estates,” he explained.Teddy added that the program of increasing domestic natural rubber consumption must be accompanied by sustainability and development of existing industries. “One of them is the tire industry, as an industry that absorbs 45 percent, or about 270 thousand tons of the total domestic natural rubber consumption,” he said.He said that tires are one of the mainstay export commodities, with 70 percent of total production allocated for export markets and export value reaching 1.5 billion US dollars per year. “Tires are a product whose market share is determined by market mechanisms. Variation of the models, sizes, and technologies applied determine the brand image in the society,” he said.
Editor: B Kunto Wibisono
http://www.antaranews.com/berita/585468/menperin-dorong-peningkatan-konsumsi-karet-dalam-negeri

20

Sep

KPK asked to expose alleged "sugar mafia" in state-owned enterprises

"KPK's sting operation is a moment for KPK to expose the alleged sugar mafia who collaborated with the administration in regulating our sugar trade. [...]

Oil Prices Rise On OPEC Deal Expectations

20

Sep

Oil Prices Rise On OPEC Deal Expectations

Oil prices found support as Venezuelan President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to an agreement to stabilize [...]

Oil Prices Rise On OPEC Deal Expectations. Oil prices found support as Venezuelan President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to an agreement to stabilize the oil market.Venezuelan Oil Minister Eulogio Del Pino said Monday that global oil supply needed to be reduced by one million barrels per day to match consumption.OPEC members and Russia are scheduled to meet on the sidelines of the International Energy Forum in Algeria from September 26 to 28.Oil prices were also supported as a weaker U.S. dollar boosted investor sentiment, making the dollar-priced commodity more attractive to holders of other currencies.The dollar index, which measures the greenback against six major currencies, fell 0.26 percent to 95.859 in late trading Monday.U.S. benchmark West Texas Intermediate (WTI) crude for October delivery added 0.27 U.S. dollar to settle at 43.30 U.S. dollars a barrel on the New York Mercantile Exchange.Meanwhile, Brent crude for November delivery increased 0.22 U.S. dollar to close at 45.95 U.S. dollars a barrel on the London ICE Futures Exchange. 
Editor: Ade Marboen
http://www.antaranews.com/berita/585303/harga-minyak-naik-didorong-ekspektasi-kesepakatan-opec

19

Sep

Pasarprodukbumn.com, RNI's "E-Commerce" Portal for BUMN's Products

President Director of RNI, Didik Prasetyo, explained that pasarprodukbumn.com is a promotional place and selling facility online for products from [...]

Pasarprodukbumn.com, RNI's "E-Commerce" Portal for BUMN's Products. President Director of RNI, Didik Prasetyo, explained that pasarprodukbumn.com is a promotional place and selling facility online for products from state-owned enterprises (BUMN). `Through pasarprodukbumn.com, the whole world can see products from BUMN in Indonesia, and can do online transactions with BUMN that are listed on the website,` Didik said on the RNI Office, Jakarta, Monday (09/19/2016).
Didik said that management of this e-commerce will be given to the subsidiary of RNI, namely PT Rajawali Nusindo. RNI also partnered with Bank BNI to support payment transactions on pasarprodukbumn.com.
As for goods delivery, RNI is partnering with BUMN shipment companies & logistics such as PT Bhanda Ghara Reksa (Persero) and PT Pos Indonesia (Persero).
Didik revealed that as many as 24 BUMN from various industries have joined to sell their products on pasarprodukbumn.com.
Some of the BUMN include pharmaceutical industries, PT Phapros and PT Indofarma, plantation industry, namely PT PTPN VIII, PT Perhutani, PT RNI, and maritime industry, namely PT PAL.
As for flight industry, there are PT Garuda Indonesia (Persero) Tbk and PT Citilink Indonesia, and banking industry, there are BNI, BRI, and Mandiri.
Didik also said that on this e-commerce, not only BUMN products are sold, but also products from the guided partners of Small Medium Enterprises (SME).
`The potential of this guided partner is huge. The whole BUMN in 2016 is estimated to have had 92,372 guided partners, with the amount of aid given is Rp2.32 trillion,` he ended.
Authors

: Achmad Fauzi

Editor
: Aprillia Ika

http://bisniskeuangan.kompas.com/read/2016/09/19/105636026/pasarprodukbumn.com.portal.e-commerce.rni.untuk.produk.bumn

Ask Prices for Benchmark in Palm Producing Districts

13

Sep

Ask Prices for Benchmark in Palm Producing Districts

The farmers therefore asked for the benchmark price of Fresh Fruit Bunches (FFB) to only be set in palm oil producing districts. Not anymore in the [...]

Ask Prices for Benchmark in Palm Producing Districts. The farmers therefore asked for the benchmark price of Fresh Fruit Bunches (FFB) to only be set in palm oil producing districts. Not anymore in the provincial level
`So far the benchmark price of FFB is indeed determined at the provincial level. But in practice in the field, there are always differences in price of up to IDR500/kg. This had been very detrimental to farmers,` said Secretary General of the Indonesian Oil Palm Farmers Association (Apkasindo) Asmar Arsjad on Friday (9/9) in Medan.
The setting of the benchmark price in the area, said Asmar, had actually been conveyed to the government. But their reply was unclear, resulting in the benchmark FFB price still being determined at the provincial level to date
This actually is quite detrimental to farmers because price could not be determined based on production in the palm oil producing areas but, rather, by capital owners accommodating farmers' FFB.
Asmar exemplified that this week the FFB benchmark price was set at IDR1.950/kg. But farmers only received the price of IDR1.500/kg.
The difference amounting to IDR450/kg certainly made farmers incurred losses, especially since production was not very good. `The government is expected to consider the setting of the benchmark price in the district level,` he said
The Head of Apkasindo Simalungun Kamaludin Purba said the benchmark FFB price was indeed always determined by the related departments every Wednesday of the week in the province. But, since there were many agents or delivery holders (OD) the price received by farmers had always been below the benchmark price.
The Palm Oil Mill (PKS), he said, indeed did not want to directly accept FFB from farmers. The requirement was to go through an OD holder.
`Such a practice has actually been going on for a long time in fact. Farmers are used to it now. Therefore, farmers could only hope for the price to go up, so that they can get more rupiah,` he said. (elvidaris simamora)
http://www.medanbisnisdaily.com/news/read/2016/09/10/256310/harga-patokan-diminta-di-kabupaten-penghasil-sawit/#.V9eOujVna1s

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