Indika Energy, Owned By Conglomerate Agus Lasmono Sudwikatmono, Opens Up Opportunities To Collaborate Again With Marubeni Corporation

JAKARTA - The company owned by conglomerate Agus Lasmono Sudwikatmono, PT Indika Energy Tbk (INDY) discussed the opportunity to collaborate with Marubeni Corporation again. Both of them were involved in the development of a joint project for the construction of a steam power plant (PLTU) in 2007.

This collaboration opportunity was revealed in the upload of INDY President Director Arsjad Rasjid on his official Instagram account @arsjadrasjid on Saturday 1 October. In the upload, Arsjad who was accompanied by Indika Energy's Deputy President Director Azis Armand posed with Marubeni Indonesia CEO Shinji Kasai.

"Meeting with Shinji Kasai san, CEO of Marubeni Indonesia," wrote Arsjad in his caption.

Meanwhile, Marubeni is a conglomerate company from Japan that operates in various business lines. The company runs businesses that range from the production of consumer products, infrastructure, and energy, to transportation and the machinery industry.

"At this meeting, we discussed various opportunities for cooperation between @indika.energy and Marubeni," continued Arsjad.

Previously, Indika Energy and Marubeni were involved in the development of PLTU in 2007. Together with a number of other leading Asian energy companies, Indika Energy and Marubeni formed a consortium of PLTU Cirebon-1 which began operating in 2012.

The investment value for the PLTU construction reaches Rp. 8 trillion and INDY has a 20 percent stake in the project. PLTU Cirebon-1 owns and operates a coal-fired power plant with a capacity of 660 MW in Cirebon, West Java.

This power plant utilizes supercritical technology, including a fired boiler with LO-NOx Burners which is able to increase cycle efficiency, and is said to reduce coal consumption and air pollution even though it uses low-calorie coal.

The coal mining company is noted to be focusing on developing the non-coal business. Recently, INDY through its subsidiary PT Mitra Motor Group formed a joint venture with a Singapore-based company affiliated with Foxconn.

PT Mitra Motor Group, which is 100 percent owned by INDY, established PT Foxconn Indika Motor together with affiliate Hon Hai Technology Group (Foxconn), Foxteq Singapore Pte. Ltd. The joint venture will carry out manufacturing businesses for commercial electric vehicles and electric batteries, as well as providing management consulting services.