インドネシア　Tuban計画　　　　PT. Trans-Pacific Petrochemical Indotama　　東ジャワ･ツバン地区

2006/9 　　　　　Tuban Petrochemical debottlenecking PX plant from 500,000t to 800,000t

2005/2 　　　　　Pertamina's Tuban petrochemical plant may be ready in February　　　　　　　　　　　　　　　　　　　　　

2004/2 　　　　　Project financing of Indonesia's Tuban complex on track

　　　　　　　　　　　　　　　　新計画　1 million tons of aromatics,
　　　　　　　　　　　　　　　　　　　　　（500,000 ton paraxylene, 200,000 ton benzene, and 150,000 ton toluene）
　　　　　　　　　　　　　　　　　　　 1 million tons of light naphtha, and
　　　　　　　　　　　　　　　　　　　 1.6 million tons of kerosene and diesel.

2003/4 　　　　　 ツバン計画に新たな障害

2002/6　　　　　　Tuban計画再開(芳香族部分)

2002/6 　　　　　IBRA Finalized Debt Restructuring of Tirtamas Majutama Group

2002/5 　　　　　　Tirtamas除外　　　Restructuring of the debt of PT Tirtamas Majutama

2001/12　　　　　　Pertamina 　　Tuban 計画に参加

2001/1 　　　　　　伊藤忠・日商岩井　　　Pertaminaに計画続行要請

出資者

当初		現状
Tirtamas Group　*1	70% → 65%	Tuban Pi ：P.T. Tuban Petrochemical Industries (インドネシア政府が大株主） *3	59.50%
Tuban Petrochemical Pte Ltd.　*2	20%	Tuban Petrochemical Pte Ltd.　*2	17.00%
Itochu	5%	Itochu	4.25%
Nissho Iwai	5%	Nissho Iwai　双日	4.25%
Koch Refining(of the United States)	0%→　 5%	+	+
+	+	Pertamina　　　　　+	15.00%

*1　The project was originally owned by the Tirtamas Group, which later transferred its stake to IBRA as part of settling its debts.
*2　Tuban Petrochemical Pte Ltd、a Singapore unit of Thailand's Siam Cement PCL.

*3 Tuban Petro, in which IBRA will hold a 70 % stake while a former owner of PT Tirtamas Majutama and Group, Honggo Wendratno, will hold the remaining 30 %.
→　IＢＲＡは任務を終わって解散し、Tuban Petroは後継組織(Asset Management Company="PPA") に引き継がれた。

製品〔当初計画〕　　1999央に完成予定、1998の経済危機で破綻　エチレン機器は中国BASFへ

当面芳香族部分を再開予定

olefins and aromatics processing facility
100,000-barrel-per-day (bpd) condensate splitter, a 700,000-ton-per-year naphtha cracker, and a 500,000-ton-per-year paraxylene

100,000 metric tons of high density polyethylene (HDPE)
300,000 m.t. of low density polyethylene (LDPE)
200,000 m.t. of polypropylene (PP)
500,000 m.t. of styrene monomer per year.

July 12, 2002 　http://www.gasandoil.com/goc/company/cns22899.htm

IBRA expects to secure financing for Tuban project

21-06-02 The Indonesian Bank Restructuring Agency (IBRA), as the new controlling shareholder of PT Trans Pacific Petrochemical Indotama, expects to secure $ 400 mm in financing for the so-called Tuban project in the third quarter. IBRA's Asset Management Credit deputy chairman Mohammad Syahrial told that the construction of the $ 1-bn Tuban petrochemical project in East Java, is expected to be completed within 20 months after the funding is received.

Tuban petrochemical project will produce olefin with an annual capacity of 3.6 mm tons. Syahrial declined to name the banks participating in the syndicated loan, though he said some Singapore-based banks will be involved.
The Tuban project is one of the large projects surrendered by the Tirtamas Group to IBRA as part of the restructuring of the company's debt worth 4.2 tn rupiah. Syahrial said IBRA and Tirtamas have agreed to restructure the debt by setting up a new holding company, to be called PT Tuban Petro, in which IBRA will hold a 70 % stake while a former owner, Honggo Wendratno, will hold the remaining 30 %.

To secure the loan settlement according the Newco scheme, IBRA require to be a majority shareholder. As many as 70 percent Newco's shares is hold by IBRA and the remain 30 percent is hold by the former owner of PT Tirtamas Majutama and Group namely Honggo Wendratno through PT . Silakencana , who is shareholder of PT Tirtamas Majutama. Honggo is also required to submit Personal Guarantee (PG) to IBRA.

Tuban Petro will then control 59.5 % of the shares in PT Trans Pacific, 80 % of PT Polytama Propindo, 50 % of PT Petro Oxo Nusantara, and 50 % of PT Pacific Fibretama. The other shareholders of Trans Pacific include state-run oil and gas company Pertamina, Itochu, Siam Cement and Nissho Iwai.
In return, Tuban Petro will issue exchangeable bonds with a 10-year tenure and coupon rate of 1 % per annum in September. Syahrial said IBRA will have the right to sell the Tirtamas Group's assets after the restructuring. "The recovery rate could reach 68.7 % with the restructuring compared to only 16.3 % if the debt is not restructured," he said.

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IBRA Finalized Debt Restructuring of Tirtamas Majutama Group

On June 21, 2002, IBRA announced that the debt restructuring process of the obligorTirtamas Majutama Group (TMG) comprising 8 debtors has reached the final stage, i.e. the finalize restructuring proposal stage, involving a total liabilities of Rp. 4.1 trillion as of January 31, 2002.

The restructuringmechanism applied by IBRA involved a transfer of IBRA's receivables to TMG to a newly-established company (Newco). As such, TMG will become a debtor of Newco, and in turn, Newco will issue 10-tear bonds to IBRA covering the total ammount of the receivables. In this scheme, IBRA will be the majority owner of Newco with 70% shareholding, while the remaining 30% shares is held by one of the original owners of TMG - Honggo Wendratno (HW) - through Silakencana Tirtalestari. A personal guarantee from HW is required as collateral for the issued bonds. The restructuring scheme also requires TMG to transfer to Newco its ownership on the following petrochemical companies, as a guarantee for the payment of the bonds :

• 80% shares in Polytama Propindo, Balongan.
• 70% shares in Trans Pacific Petrochemical Indotama, Tuban.
• 50% shares in Petro-Oxo Nusantara, Gresik.
• 50% shares in Pacific Fibretama Corporation, Serang.

Meanwhile, payment for the bonds issued by Newco will be derived among others from : (1) dividend income from subsidary/operating companies transferred to Newco, (2) the settlement of TMG's liabilities to Newco, and (3) other resources.

Chemical Week 2003/4/10

New Hitch for Stalled Indonesia Aromatics Plant

The Indonesian Bank Restructuring Agency (IBRA; Jakarta) and state-owned oil company Pertamina (Jakarta) are objecting to conditions imposed by the Japan Bank for International Cooperation (JBIC) for a previously announced $400-million loan to finance the restart of construction of an aromatics joint venture at Tuban, Indonesia, sources say.

日本経済新聞　2002/6/22

大規模石化事業「ツバン」　インドネシア、建設再開

インドネシア政府は２１日、１９９８年から中断している大規模石油化学プラント「ツバン」の建設工事を再開すると発表した。

事業には日商岩井、伊藤忠商事がそれぞれ４．２５％を出資している。

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Engineering Business 2001年　EnB16号 　

ツバンプロジェクト、来年はじめ建設再開めざす
　　　　　　http://www.enb.co.jp/09152k1/915NEWS.html

　

TPPIが建設中断中のツバンプロジェクトの芳香族部分の建設再開は2002年はじめをめざす

Indonesia Finance 2002/5/7

Hashim asked not to join new firm to run Tuban petchem complex

The Tirtamas Group and its owner Hashim S. Djojohadikusumo have been told not to join a new company established to run their former assets in the huge Tuban petrochemical projects, Indonesian Bank Restructuring Agency’s (IBRA) chairman Syafruddin Temenggung said.

The Tirtamas Group, which was the majority shareholder of the project, has a debt of Rp6tr to IBRA and in the process of restructuring the debt, the group had agreed to hand over its assets in the multibillion dollar project to the agency.
The pledged assets include PT Trans-Pacific Petrochemical Indotama (TPPI), PT Pacific Fibretama, PT Polytama Propindo and PT Petro Oxo Nusantara.

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Indonesia Finance 2002/6/26

Restructuring of the debt of PT Tirtamas Majutama, the holding company of the Tirtamas Group

The Indonesian Bank Restructuring Agency (IBRA) said it is almost certain to complete the restructuring of the debt of PT Tirtamas Majutama, the holding company of the Tirtamas Group.

IBRA executive Mohamad Syahrial said the Rp4.2tr debt of Tirtamas Majutama will be restructured through a new company, Newco, in which IBRA holds 70% stake.

The remaining 30% of Newco is owned by Honggo Wendarto through PT Silakencana Tirtalestari, who is shareholder of PT Tirtamas Majutama.

Newco will take over the debts owed by eight subsidiaries of PT Tirtamas Majutama. Under the arrangement, Newco will issue 10-year exchangeable bond to IBRA valued as much as the debt.

PERTAMINA　News　2001/12/14

PERTAMINA participates in TUBAN Petrochemical Mega Project
　　　http://www.pertamina.com/indonesia/

PERTAMINA has 15 % share in TPPI as the project executor. TPPI Consortium consists of Tuban Pi (59.5%), TuPet (17%), PERTAMINA (15%), ITOCHU Corporation (4.25%) and Nissho Iwai Corporation (4.25%). PERTAMINA's participation in this consortium is first step to be a big player in Petrochemical, especially in aromatic.

ANZ Panin Bank Newsletter 2001/1　

　http://www.anz.com/Indonesia/newsletters/Jan2001.pdf

　Japanese creditors want Pertamina to continue the development of the stalled US$2.3 billion petrochemical project in Tuban, East Java. Pertamina's processing director Ariflin Nawawi said that Nissho Iwai Corp. and Itochu Corp., who financed the Tuban petrochemical project, wanted Pertamina to buy a stake in PT Trans Pacific Petrochemical Indotama (TPPI), which owns the project, so that the latter gets fresh funds to continue with the development. TPPI was 70% owned by the Tirtamas Group and 20% by a Singapore unit of Thailand's Siam Cement PCL., Tuban Petrochemical Pte Ltd. The remaining 10% is evenly split between Itochu and Nissho Iwai. Construction of the olefin and aromatic integrated project halted in early 1998, after US$900 million had been spent. When completed, the facility would have an annual production capacity of 335,000 tons of reformate, 1.1 million tons of kerosene, 189,000 tons of diesel fuel, 500,000 tons of paraxlyne, 100,000 tons of toluene, 120,000 tons of orthoxylene and about 1 million tons of light naphtha.

Platts 2004/2/8

Project financing of Indonesia's Tuban complex on track: SMBC

Financing for Indonesia's Trans-Pacific Petrochemical Indotama complex (TPPI) in Tuban is on track, the head of project finance at Sumitomo Mitsui Bank, David Gardner said at a conference in Singapore Sunday.

Financing of the project is expected to be finalized by the end of the first quarter or Q2 of this year, Gardner said.

December 15, 2003 　　Laksamana.Net

Japanese Finance for Tuban

State oil and gas company Pertamina says it will receive $400 million in investment funds from Mitsui Bank and Sumitomo Mitsui Bank Corporation (SMBC) to finance a long-delayed petrochemical project in Tuban, East Java.

The project is owned by state-managed PT Trans Pacific Petrochemical Indotama (TPPI), a subsidiary of the Tirtamas Group, which is partly under the control of the Indonesian Bank Restructuring Agency (IBRA).

Pertamina president director Ariffi Nawawi said Wednesday (10/12/03) that each of the Japanese entities will disburse $200 million for the project.

“The assistance will hopefully speed up the construction of TPPI project which will begin early 2004,” he was quoted as saying by Asia Pulse.

The project, which was 64% complete when it was postponed as a result of the 1997-98 regional financial crisis.

IBRA took a 70% stake in TPPI after taking over Rp4.1 trillion in debt from the previous owner Tirtamas Majutama.

Earlier this year, IBRA awarded contracts to three state-owned firms to complete the construction of the petrochemical center.

Once the investment is received, construction of the center is expected to be completed within two years. The plant will have the capacity to produce 3.6 million tons of petrochemicals annually, comprising 1 million tons of aromatics, 1 million tons of light naphtha, and 1.6 million tons of kerosene and diesel.

In October, Indonesia and Japan agreed to increase cooperation in the oil and gas sector to strengthen bilateral business relations.

Last week, Energy and Mineral Resources Minister Purnomo Yusgiantoro urged Japan to extend Indonesia’s contracts to supply liquefied natural gas (LNG).

Pertamina has an 8.4 million ton LNG contract with Japan that expires in 2010, while a 3.6 million ton contract will end in 2011.

平成１６年５月２６日　三井住友銀行

インドネシア大型再生事業向け国際協調融資の組成について

株式会社三井住友銀行はアレンジャーとして、インドネシアの大型再生事業向けに国際協調融資を組成しました。本プロジェクトは、アジア通貨危機の影響で1998年以降建設が中断していたインドネシア国ツバン石油化学プロジェクトの再開に必要な資金を供与するもので、本日（5月26日）第一回目の貸出を実行いたしました。プロジェクトコスト7億米ドルのうち、当行（幹事行）を中心とした市中銀行団6行が2億米ドルを供与し、独立行政法人日本貿易保険が海外事業資金貸付保険の引き受けを行います。


TPPI社にはプルタミナの他、インドネシア政府が大株主となるP.T. Tuban Petrochemical Industries社（Tuban Petro）、本邦2商社（伊藤忠商事株式会社・双日株式会社（旧日商岩井株式会社））などが出資するとともに、プラントの建設請負業者（EPCコントラクター）として日揮株式会社が参画するなど、本プロジェクトはインドネシア政府及び本邦企業が深く関与しています。

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2004年5月26日　独立行政法人　日本貿易保険

インドネシア/ツバン石油化学プロジェクト向け海外事業資金貸付保険の引受について

　独立行政法人日本貿易保険は、インドネシア国ツバン石油化学プロジェクト実施にかかるファイナンスに関して、2004年5月18日付けで海外事業資金貸付保険（貸付金債権等）の引き受けを行い、これに基づき、本日第一回目の貸出が実行されました。

　本ファイナンスは、（株）三井住友銀行を始めとする市中銀行団が、オランダに設立される特別目的会社であるKeris Petro Finance N. V.に対して融資を行うものであり、プロジェクトの実施者であるPT. Trans-Pacific Petrochemical Indotama社は、同資金をもって700百万ドルのツバン石油化学プラントの建設を行います。Keris Petro Finance N. V.に対する融資契約は、2004年2月26日に調印されており、日本貿易保険は、市中銀行団が融資する200百万ドルに対して、海外事業資金貸付保険の引き受けを行います。

Platts 2006/2/16

Pertamina's Tuban petrochemical plant may be ready in February

Indonesia's oil and gas company Pertamina says that its Tuban petrochemical plant may be ready to start up in February.

Indonesia Today 2006/2/2

Tuban Petrochemical Complex start next month
http://yosef-ardi.blogspot.com/2006/02/tuban-petrochemical-complex-start-next.html

The long-delayed (eight years to be precise!) giant Tuban Petrochemical Complex is scheduled to start its commercial production next month. Next week the complex would start receiving condensat (raw material) from Senipah gas field for heating up process before it commence the commercial production next month.


The plant has combined capacity of 3.6 million tones per annum (TPA) of petrochemicals product, comprising 1 million TPA of aromatics (500,000 ton paraxylene, 200,000 ton benzene, and 150,000 ton toluene), 1 million TPA of naphtha, and 1.6 million TPA of kerosene and diesel.

The project was started in early 1990s but suspended following the financial crisis in 1998 with huge loans. Government came to rescue the project with new loan facility from Japanese creditors at US$400 million disbursed in 2004.
Under the debt restructuring, government holds Rp3.266 trillion of 10-year bond and Rp4.167 trillion of mandatory convertible bond (equals to 21-25% shares in TPPI).

2006/9/1 Indonesia Today

Tuban Petrochemical debottlenecking 2007
http://www.inblogs.net/yosef-ardi/2006/09/tuban-petrochemical-debottlenecking.html

Tuban Petrochemcial to debottleneck paraxylene plant in Tuban, East Java next year. The project would boost parazylene, raw material for purified therephtalic acid (PTA), from 500,000 tones/year to 800,000 tones/year. The company's plant is running at full capacity at the moment, PTA is the raw material for polyester (fiber and film(. The project would cost more than US$100 million.

Currently Indonesia is one of the largestPTA producer in the world with combined capacity around 2 million tones per year, equal to paraxylene consumption of 1.4 million tones/year. The country, meanwhile, only has two paraxylene producers with combined capacity of 750,000 t/y (Tuban Petrochemical 500,000 t/y and Pertamina 250,000 t/y).
PTA producers in Indonesia:
1) PT Mitsubishi Chemical: 650,000t/y
2) PT Polyprima Karyareksa: 420,000t/y
3) PT Amoco Mitsui Indonesia: 380,000t/y
4) PT Polysindo Eka Perkasia: 350,000t/y
5) PT Pertamina: 225,000t/y
Mitsubishi is working on major expansion project to add 400,000 t/y of PTA. Paraxylene price has reached US$1,000/t due to supply cut of plants shutdown in China.