by: Bambang P. Jatmiko & Rudi Ariffianto
JAKARTA: State Electricity Company PLN (Ltd) is among the candidates to operate the assets of PT Indonesia Aluminium (Inalum) together with PT Aneka Tambang Tbk and state-owned securities firms.
State Minister for State-owned Enterprises (SOEs) Mustafa Abubakar said the ministry at the moment was still waiting for the response from the Asahan Authority to the letter that the Ministry had sent recently.
"To submit the proposal to take over Inalum to be operated by SOE, we still have to wait for the response from the Asahan Authority," he informed yesterday.
According to Mustafa, PLN probably would only operate Asahan hydro-fired power plant, while the aluminum plant would be operated by Antam and the security firms that helped funding the takeover.
Among some state-owned securities firms proposing to help funding Inalum are PT Danareksa Sekuritas, PT Bahana Securities, and the Assets Management Company (PPA).
The government controls a 41.12% stake in Inalum, while the rest is owned by the consortium of Japanese companies under Nippon Asahan Aluminium (NAA).
NAA has submitted a proposal asking for extension for the contract on Inalum, which will expire in 2013. The bidding proposals from SOEs are scheduled to be enclosed by October 2010.
However, Mustafa said the Ministry had not submitted the proposal. Negotiation cancelled In the meantime, the preliminary negotiation over Inalum with Japan, scheduled initially for today, will be cancelled since the presidential decree on the negotiating team has not yet been issued.
On the other hand, the team from the Japanese Ministry of Industry and International Trade is touted to have already arrived in Indonesia for the negotiation.
"I have asked the negotiation to be delayed until the Presidential Decree (Keppres) is issued," said Minister of Industry M. S. Hidayat. One Bisnis source confided there were two Keppres drafts at the Cabinet Secretariat.
The first draft contains the proposal from the Coordinating Ministry for Economic Affairs team and the second one contains the Ministry of Industry's proposal to the Coordinating Minister for Economic Affairs, the copy of which was sent to the Cabinet Secretariat.
Coordinating Minister for Economic Affairs Hatta Rajasa informed Bisnis via SMS that the negotiating team was proposed to be chaired by two cabinet ministers, namely the Minister of Industry and the State Minister for SOEs.
In the meantime, the Coordinating Minister for Economic Affairs would serve as the steering chairperson. Yesterday, there was rumor circulating that the negotiating team would be directly chaired by Vice President Boediono.
However, the rumor could not yet be confirmed. Previously, Chairperson of the Asahan Authority Effendy Sirait said based on the letter of the State Minister for SOEs dated October 29, the Asahan Authority had sent a letter to Inalum asserting the government's decision to take over 100% shares in Inalum.
On the other hand, he continued, the NAA had responded the letter and treated it as Indonesia's official position.
"The NAA considers the content of the letter the government's stance. They still hope for rooms to negotiate."
Article 27 clause 10 of the master agreement reads that the NAA has a right to negotiate period extension for the smelter operation since three years prior to the contract expiry date.
The request for the extension has to be followed by new significant investments to bolster innovation and expand smelter.
To support Indonesia's position, he inserted, the government through the technical team assembled by the Ministry of Industry was preparing several options to know whether the negotiation was worth continuing or whether the master agreement should be terminated. (wiw)
State Minister for State-owned Enterprises (SOEs) Mustafa Abubakar said the ministry at the moment was still waiting for the response from the Asahan Authority to the letter that the Ministry had sent recently.
"To submit the proposal to take over Inalum to be operated by SOE, we still have to wait for the response from the Asahan Authority," he informed yesterday.
According to Mustafa, PLN probably would only operate Asahan hydro-fired power plant, while the aluminum plant would be operated by Antam and the security firms that helped funding the takeover.
Among some state-owned securities firms proposing to help funding Inalum are PT Danareksa Sekuritas, PT Bahana Securities, and the Assets Management Company (PPA).
The government controls a 41.12% stake in Inalum, while the rest is owned by the consortium of Japanese companies under Nippon Asahan Aluminium (NAA).
NAA has submitted a proposal asking for extension for the contract on Inalum, which will expire in 2013. The bidding proposals from SOEs are scheduled to be enclosed by October 2010.
However, Mustafa said the Ministry had not submitted the proposal. Negotiation cancelled In the meantime, the preliminary negotiation over Inalum with Japan, scheduled initially for today, will be cancelled since the presidential decree on the negotiating team has not yet been issued.
On the other hand, the team from the Japanese Ministry of Industry and International Trade is touted to have already arrived in Indonesia for the negotiation.
"I have asked the negotiation to be delayed until the Presidential Decree (Keppres) is issued," said Minister of Industry M. S. Hidayat. One Bisnis source confided there were two Keppres drafts at the Cabinet Secretariat.
The first draft contains the proposal from the Coordinating Ministry for Economic Affairs team and the second one contains the Ministry of Industry's proposal to the Coordinating Minister for Economic Affairs, the copy of which was sent to the Cabinet Secretariat.
Coordinating Minister for Economic Affairs Hatta Rajasa informed Bisnis via SMS that the negotiating team was proposed to be chaired by two cabinet ministers, namely the Minister of Industry and the State Minister for SOEs.
In the meantime, the Coordinating Minister for Economic Affairs would serve as the steering chairperson. Yesterday, there was rumor circulating that the negotiating team would be directly chaired by Vice President Boediono.
However, the rumor could not yet be confirmed. Previously, Chairperson of the Asahan Authority Effendy Sirait said based on the letter of the State Minister for SOEs dated October 29, the Asahan Authority had sent a letter to Inalum asserting the government's decision to take over 100% shares in Inalum.
On the other hand, he continued, the NAA had responded the letter and treated it as Indonesia's official position.
"The NAA considers the content of the letter the government's stance. They still hope for rooms to negotiate."
Article 27 clause 10 of the master agreement reads that the NAA has a right to negotiate period extension for the smelter operation since three years prior to the contract expiry date.
The request for the extension has to be followed by new significant investments to bolster innovation and expand smelter.
To support Indonesia's position, he inserted, the government through the technical team assembled by the Ministry of Industry was preparing several options to know whether the negotiation was worth continuing or whether the master agreement should be terminated. (wiw)
