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Minister Jonan announces Indonesia temporarily suspends membership in OPEC

01

Dec

Minister Jonan announces Indonesia temporarily suspends membership in OPEC

The press release from the Ministry of Energy and Mineral Resources in Jakarta on Thursday stated that the decision for the temporary suspension was [...]

Minister Jonan announces Indonesia temporarily suspends membership in OPEC. The press release from the Ministry of Energy and Mineral Resources in Jakarta on Thursday stated that the decision for the temporary suspension was taken at the 171st OPEC conference in Vienna, Austria, on Wednesday, November 30. Jonan, who attended the conference, said that the government took the suspension measure following the decision at the OPEC conference to cut crude oil production by 1.2 million barrels per day, excluding condensate. Based on the decision, the OPEC conference requested Indonesia to cut around five percent of its production, or around 37 thousand barrels per day. `Meanwhile, the requirement for oil revenues for the country is still great,` he said. On the other hand, according to him, the 2017 National Budget Draft stipulates that oil production in 2017 should only be reduced by five thousand barrels compared to that of 2016. Therefore, he continued, the production cut that is acceptable for Indonesia is five thousand barrels per day. Jonan also added that as a `net importer` of crude oil, the production cut will clearly not benefit Indonesia because the oil prices will, theoretically, increase. Head of Communication and Public Information Service at the Ministry of Energy and Mineral Resources Sujatmiko said that the suspension is the best decision for all OPEC members. `Therefore, the decision to cut production by 1.2 million barrels per day can be executed and on the other hand Indonesia is not bound by the decisions taken and it is in accordance with national interests,` he said. With the suspension of membership, Indonesia has now suspended its membership in OPEC twice. The first suspension was in 2008, which became effective in 2009. However, Indonesia decided to become an active member again at the beginning of 2016.
Editor: Aditia Maruli
http://www.antaranews.com/berita/599203/menteri-jonan-umumkan-indonesia-bekukan-sementara-keanggotaan-di-opec?utm_source=topnews&utm_medium=home&utm_campaign=news

The Best Participant in Algeria International Fair - Indonesia

30

Nov

The Best Participant in Algeria International Fair - Indonesia

Algerian Public Works and Construction Minister Boudjama Talai presented an award to Indonesian Ambassador to Algeria Safira Machrusah, Third [...]

The Best Participant in Algeria International Fair - Indonesia. Algerian Public Works and Construction Minister Boudjama Talai presented an award to Indonesian Ambassador to Algeria Safira Machrusah, Third Secretary for Socio-Cultural Affairs at the Indonesian Embassy in Algeria Aryadi Ramadhan told ANTARA London, Wednesday.Talai expressed his gratitude for Indonesian participation in the exhibition, which he said was unique and different from the others.“I am pleased because Indonesia’s participation this year was very enthusiastic and active, and Indonesia presented a good pavilion. I also witnessed that the Indonesian pavilion was so lively and the atmosphere was very cheerful. Therefore, Indonesia truly deserves the award as the best participant,” he said.Ambassador Safira Machrusah hoped the success of the exhibition would continue by increasing the trade balance between Indonesia and Algeria. She stated that she would work hard to establish closer economic ties between the two countries.The exhibition would become the starting point for closer economic cooperation between Indonesia and Algeria because Algerian business actors could meet with potential trade partners from Indonesia and see their products firsthand, she said.Indonesia used a 544 sq m area, and the participation of 42 companies and 137 exhibition participants was the second largest after France. Indonesia’s participation this time was the largest since the Indonesian representative office in the North African country was established.According to the management’s records, the total number of exhibition visitors was 30,000.Meanwhile, the total number of people who visited the Indonesian pavilion was around 15,000 with a total transaction value of US$500,000 or approximately Rp6.7 billion.During the exhibition, a number of Indonesian corporates secured business partners from Algeria. PT Indorama, for example, won a business deal with an Algerian partner to ship two containers of polyester to Algeria each month.In addition to being filled with entrepreneurs from various sectors, such as construction, textiles, garments, oil and gas, lubricants, jewelry, leather goods, information and technology, and food and beverage products, the Indonesian stand was also enlivened with traditional music concerts and dance performances. The Indonesian Embassy in Algiers organized a lucky draw offering a trip to Bali for four lucky visitors.Wulan, a participant from Central Java, said the exhibition held in Algeria was a big success. Indonesia got a special pavilion from the Algerian government, and the response from visitors was also very good.According to her, it turned out that many Algerian people just learned that Indonesia had various products that were quite interesting with competitive prices. On the other hand, she admitted that she had just learned that Algeria was a fairly potential open market for Indonesian products.On the sidelines of the exhibition, Indonesia got a special opportunity from the Algerian government to hold an Indonesian Day. This business match-making event was aimed at bringing together Indonesian entrepreneurs and Algerian market actors (business to business) in order to make it easier for business people from both countries to get to know each other and explore each other’s potential.From Indonesia, this meeting was attended by Indonesian Ambassador to Algeria Safira Machrusah, Indonesian Minister of Youth and Sports Imam Nahrawi, and the Director of Middle East at the Indonesian Ministry of Foreign Affairs, Nurul Aulia. Meanwhile, from Algeria, the Indonesian Chamber of Commerce and Industry (Kadin) had representatives present, as did the presidents of the Kadin provincial chapters of Biskra, Geulma, Bouiera, and Sidi Ben Abbes, in addition to around 50 Algerian large-scale economic operators and small and medium-sized business entrepreneurs.Mohamed Khubzi, a representative of the Algerian National Kadin, said that the event was a golden opportunity to find the obstacles that had so far hampered business relations between the two countries. According to the entrepreneur, who has visited Indonesia several times, the outcome of this meeting would be a milestone for strengthening economic ties between the two countries.For the first time, they would follow up by coming to Indonesia to see firsthand some of the centers of domestic products. The Indonesian industrial sectors that are popular there are the food and beverage industry, furniture, and agricultural products.
Editor: Ruslan Burhani
http://www.antaranews.com/berita/598936/indonesia-peserta-terbaik-di-pameran-internasional-aljazair

Oil tumbles amid skepticism over output cuts

30

Nov

Oil tumbles amid skepticism over output cuts

U.S. benchmark, light sweet crude oil or West Texas Intermediate (WTI) for January delivery, retreated 1.85 U.S. dollars to settle at 45.23 dollars a [...]

Oil tumbles amid skepticism over output cuts. U.S. benchmark, light sweet crude oil or West Texas Intermediate (WTI) for January delivery, retreated 1.85 U.S. dollars to settle at 45.23 dollars a barrel on the New York Mercantile Exchange. Meanwhile, the global benchmark, Brent North Sea crude for January delivery, decreased 1.86 dollars to close at 46.38 dollars a barrel on the London ICE Futures Exchange.  Media reports said Tuesday that Iran and Iraq have resisted pressure from Saudi Arabia to cut their crude production, making it harder for the Organization of the Petroleum Exporting Countries (OPEC) to reach a global output reduction deal when it meets on Wednesday. An OPEC expert meeting in Vienna on Monday failed to bridge differences between OPEC de facto leader Saudi Arabia and the second and third-largest oil producers over the mechanism of an output cut, OPEC sources told Reuters. `Restoration of Iran's lost share of the oil market is a national will and demand of the Iranian nation,` Iran's Shana news agency quoted Iranian Oil Minister Bijan Zanganeh as saying before he is set to arrive in Vienna on Tuesday. OPEC, which accounts for about one third of global oil output, agreed in September to limit its output to between around 32.5-33.0 million barrels per day (bpd), compared with its current output of 33.64 million bpd, to support oil prices that have halved since mid-2014. Iran has argued that it wants to raise its output to regain market share lost while under Western sanctions, when its rival producer Saudi Arabia boosted output. In recent weeks, Riyadh has offered to cut its own output by 0.5 million bpd, according to OPEC sources, and has suggested a cap for Iran's production of less than 4 million bpd. Tehran has sent mixed signals, including that it wanted to produce 4.2 million bpd. Iraq has also pushed for a higher production ceiling, arguing it needs the extra revenue to help pay for its fight against Islamic State militants. The dispute between Iraq and Saudi Arabia centers on whether Baghdad should use its own production estimates when limiting its output or rely on lower figures from OPEC experts. Meanwhile, Russia has said it will not attend the main talks with OPEC on Wednesday in Vienna, Austria. Some analysts including Morgan Stanley and Macquarie have said oil prices could correct sharply if OPEC fails to reach a deal, potentially falling as low as $35 a barrel, according to Xinhua. (OO.A026)
Editor: Ruslan Burhani
http://www.antaranews.com/berita/598949/harga-minyak-merosot-di-tengah-pesimisme-pengurangan-produksi?utm_source=topnews&utm_medium=home&utm_campaign=news

Government Promotes Performance of Agro Industry with Partnership Pattern

29

Nov

Government Promotes Performance of Agro Industry with Partnership Pattern

“The strategic step made by the Ministry of Industry is to increase the integrated partnership program between industrial players and [...]

Government Promotes Performance of Agro Industry with Partnership Pattern. “The strategic step made by the Ministry of Industry is to increase the integrated partnership program between industrial players and farmers,” said the Director General of the Agro Industry at the Ministry of Industry Panggah Susanto in Jakarta, Monday (28/11/2016).
According to Panggah, the partnership pattern that links the core company with plasma farmers has quite a high economic power.
Because besides being able to overcome funding and farmer production quality obstacles, the partnership pattern will ensure the marketing and price level of farmers’ production results.
“The core company also receives big benefits, among other things they can market their products to their plasma partners or they get a raw material supply guarantee from their partners,” he said.
Therefore, Panggah continued, his party has encouraged industrial players to cooperate in partnerships with farmer groups.
`This will give optimal added value because the trading chain is more efficient,” he said.
Panggah said that several sub-sectors in the agro industry that have implemented quite a good integrated partnership pattern include the milk industry, palm oil downstream industry, sugar industry, and cocoa processing industry. '
'We are sure that this partnership pattern will encourage the growth of the national agro industry,” he said.
Based on BPS data, the agro industry grew by 6.64 percent up to the third quarter of 2016.
From the contribution side towards the non-oil and gas processing industry, the agro sector contributed 46.95 percent to the third quarter of 2016 or up compared to 2015 which was 45.42 percent.
“The role of the agro industry is contributed by the food and beverage industry sub-sector by 32.82 percent, the tobacco processing industry 5.17 percent, and the forestry and plantation products industry 8.95 percent,” Panggah said.
Meanwhile, the export value of the agro industry up to October 2016 reached 29.94 billion US dollars. Meanwhile, the value of domestic investment in the agro industry up to the first semester of 2016 was Rp. 10.68 trillion and foreign direct investment of 2.41 billion US dollars.

Author
: Pramdia Arhando Julianto

Editor
: M Fajar Marta

http://bisniskeuangan.kompas.com/read/2016/11/29/060000226/pemerintah.dorong.kinerja.industri.agro.dengan.pola.kemitraan

2017, Palm Oil Commodity Predicted to Still Fluctuate

25

Nov

2017, Palm Oil Commodity Predicted to Still Fluctuate

"The economic growth prospect for next year will at best be no better than this year, or even worse. This will affect the demand for and price of [...]

2017, Palm Oil Commodity Predicted to Still Fluctuate. `The economic growth prospect for next year will at best be no better than this year, or even worse. This will affect the demand for and price of commodities, including palm oil,` said Iwan at the 12th Indonesian Palm Oil Conference (IPOC) 2016 at the Bali International Convention Center (BICC) Nusa Dua, Bali, on Thursday (24/11).

Iwan said, global economic growth next year is projected to be around only 3 percent or even below. Meanwhile, global economic growth this year is predicted to only reach around 3 percent or slightly above.

The sluggish global economic growth will definitely cause a number of countries that usually import crude palm oil (CPO) to reduce demand.

Automatically, low demand will cause CPO prices to fail to return to their glory days, which once reached US$750 per ton. However, Iwan refrained from predicting the CPO price range next year.

These three factors, said Iwan, are actually very compelling. This is because, Iwan noted, the CPO trade value has made a major contribution to global economic growth from the other side.

However, Iwan sees that there is still another potential, which, although not large, has an upward trend, namely the biofuel and biodiesel commodities.

`The opportunities are biofuel and biodiesel. But it depends on the target developed countries, because they want to abandon fossil fuels and substitute them with biofuel and biodiesel,` said Iwan.

Furthermore, said Iwan, this potential is still quite strong in the Indonesia-US trade relationship.

Unaffected by Donald Trump

Iwan said, the Indonesia-US biofuel and biodiesel trade has good potential in 2017. This is because the US is one of the countries that has a major interest in substituting fossil fuel use with more environmentally friendly ones.

He also dismissed the negative sentiment on the Indonesia-US trade, even though Donald Trump, the winner of the 45th US Presidential Election, prioritizes the import of fossil fuels.

`The private sector will drive the export of biofuel and biodiesel. Trump could change (from prioritizing the use of fossil fuels) because of pressure from the government to reduce US dependence on fossil fuels. It is inevitable, with Trump or without Trump, that biofuel and biodiesel will be prioritized,` explained Iwan. (gir)
https://cnnindonesia.com/ekonomi/20161125012721-85-175124/2017-komoditas-sawit-diprediksi-masih-kembang-kempis/

Minister Susi restructures KKP employees with “golden handshake

24

Nov

Minister Susi restructures KKP employees with “golden handshake"

"We made a golden handshake with great options,", said Minister Susi in the office of the Ministry of Marine Affairs and Fisheries, [...]

Minister Susi restructures KKP employees with “golden handshake". "We made a golden handshake with great options,", said Minister Susi in the office of the Ministry of Marine Affairs and Fisheries, Jakarta, Wednesday.According to Susi, she has negotiated with the Ministry of State Apparatus Empowerment and Bureaucratic Reforms (KemenPAN-RB) to provide full incentives in the "golden handshake" program.According to the Minister, this could be a solution for employees who want to set up a medium-scale business.Susi revealed that she had successfully negotiated with the Minister of State Apparatus Empowerment and Bureaucratic Reforms to provide a 100 percent allowance."This is an extraordinary success. The original value was only 25 percent. This is an achievement," she said.She believes that with the money from the golden handshake program, employees will be able to establish a medium-scale business.Susi revealed that from the results of the golden handshake program, 30 percent of the total vacancies for civil servants (PNS) will be given to outstanding young people from the best universities in Indonesia.On the same occasion, Susi also expressed concern over the current poor state of Indonesian politics in the last 1-2 months.This is considered to affect the state's financial situation and the growth of Indonesia's Gross Domestic Product (GDP). Therefore, he advised all Ministry of Marine Affairs and Fisheries employees to economize in the use of the National Budget (APBN)."Let me remind you that we cannot afford to be skeptical about the budget. We should be concerned and come up with solutions for the state. I ask that unnecessary trips be curtailed," she said.Susi believes that if all ministries do this, the government can save around Rp300-400 trillion each year.She said that State Budget savings can also be allocated to community assistance, either in the form of goods or infrastructure development.
Editor: B Kunto Wibisonohttp://www.antaranews.com/berita/597837/menteri-susi-restrukturisasi-pegawai-kkp-dengan-golden-shakehand

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