2003/3/14 Asia Puls 　　　　　　　　　　　　　　　　　決定　　　

Consortium to buy Indonesia's Pt Petrokimia Nusantara Interindo (PENI)

A consortium headed by Indonesian tycoon Sudwikatmono(スハルトの従兄弟) has won a tender to wholly acquire petrochemical company PT Petrokimia Nusantara Interindo (Peni).

Industrial sources said Group Indika was declared the winner in the final bid last week and it was given two weeks to show it could pay the price.

The source said the owners of PT Peni, which was built at a cost of US$800 million, offered to sell the asset at only US$50 million because of its negative cash flow over the past several years.

PT Peni, the country's largest producer of basic plastic materials with an annual capacity to produce 450,000 tons of polyethylene (a plastic basic material) is 75 per cent owned by Beyond Petroleum and 25 per cent by Mitsui and Sumitomo.

Peni president Robert M Genovese refused to comment on the result of the tender beyond saying that there were negotiations in progress and he could not yet give details.

Other final bidders were the consortium of Bhakti Asset Management, Gunadharma, who owns stakes in various chemical companies, the group of Aneka Kimia Frama and a Singaporean investment company.

2003/3/12

Indonesia's Sudwikatmono wins bid for acquiring PT Peni - report

Businessman Sudwikatmono has won the bid for acquiring 100 pct of PT Petrokimia Nusantara Interindo (Peni), Bisnis Indonesia reported, citing an unnamed source.
The report said Sudwikatmono, through the Andika Group, submitted the highest bid for the company at the close of the final bid last Friday.
"Sudwikatmono is now given two weeks to prove that his group is able to pay for the stake," the source said.
The report said other final bidders include PT Bhakti Asset Management, Aneka Kimia Raya Group, Gunadharma and Tirtamas.
Peni is currently owned by BP Plc, with a 75 pct stake, while Mitsui & Co Ltd and Sumitomo Corp hold 12.5 pct stakes each.
Peni was Indonesia's first polyethylene plant when it came on stream in Feb 1993 with an installed capacity of 450,000 tonnes per annum.


* Beyond Petroleum = BP　　　　　http://www.bp.com/faqs/faqs_answer.asp?id=47

Are you really changing the name of British Petroleum to Beyond Petroleum?

This question was answered by Sir John Browne, BP’s CEO, in 2000.

No, of course not. The words 'Beyond Petroleum' are 'a kicker' - the pay-off line in the current advertising campaign that sums up how the company has changed as a consequence of recent mergers and acquisitions and how it will change further in the future as we expand into new areas beyond our traditional business of finding and selling oil and oil-related products. For example, the addition of Amoco and Arco to the group has boosted gas as a proportion of our output from around 15 to 38 per cent, and we are aiming to raise this to some 45 per cent by 2003. That makes us almost as much a gas business as an oil company. And gas being a more efficient fuel with lower emissions that takes us very significantly towards increasingly cleaner, greener energy.

As another example, at our retail sites non-fuel products currently account for about a third of our sales worldwide. A major aim of the radical upgrade of our global network now under way is to boost that proportion to 50 per cent or more. Add to that our world-leading solar business where we expect revenues to grow to around $1billion a year by 2007, plus our growing investment in our new gas and power stream and our involvement in research into renewables, and it is perfectly reasonable and, I believe, sensible to assert that we are looking 'beyond petroleum'.

As to the name of the company, we are now simply known as BP. This anticipates a change from the formal BP Amoco p.l.c. to BP p.l.c. which we will be asking our shareholders to endorse at our next AGM.

2003/4/30　Chemnet Tokyo 　　　　　　　　　　　　発表文

インドネシア・PT PENIの売却完了

　BP、三井物産、住友商事合弁のインドネシアのポリエチレンメーカー PT PENI
(PT Petrokimia Nusantara Interindo) が4月25日に売却された。買い手はスハルト元大統領の従兄弟で大富豪のスドィカトモノが率いるインディカ・グループで売却額は5千万ドル。旧株主は今後も引き続き、技術面や原料エチレン供給で協力する。

　PT PENIは1990年に設立され、出資比率はBPが75％、三井物産と住友商事がそれぞれ
12.5%。西ジャワのメラクにBTの気相法設備ポリエチレン設備2系列を持ち、現在の能力はLLDPE、HDPE併産で年45万トン。プラントの建設費は8億ドルといわれている。エチレンを持たないのが響き、赤字が続いていた。

　BPはPT PENIの成功のためにはエチレンメーカーとの提携が不可欠と考え、経営危機に陥っていたチャンドラアスリへの出資も検討した。同社にBPが50%出資し、残りをインドネシア政府が25%、丸紅等日本側出資者が25%出資との案が1999年に表面化したが、チャンドラアスリの負債の大きさが響き、結局まとまらなかった。PT　PENIの株主3社は昨年10月、同社の売却を決めた。

　BPはフィリッピンにもLLDPE/HDPE 25万トン併産のJV、バターンポリエチレンを持っていたが、2001年8月に生産停止、昨年12月に撤退を決め、本年に入り清算している。同社はBPとマレーシアのペトロナスが各38.5%、住友商事が5％、現地資本が18%出資していた。

2003/5/1 Platts

Indonesia's Chandra resumes ethylene supply to PT Peni

Indonesia's Chandra Asri on Thursday resumed its supply of ethylene to local polyethylene producer PT Peni, ending a four- month supply disruption, a Chandra Asri source said Thursday.

2003/4/28 BP、三井物産、住友商事、Indika Group

Indika Group Purchases PT PENI

The shareholders of PT Petrokimia Nusantara Interindo (PT PENI) announced today that they have sold the company to the Indika Group for $50 million. The transaction was completed on April 25, 2003.

PT PENI, owned 75 percent by BP and 12.5 percent each by Sumitomo and Mitsui, operates a stand-alone polyethylene manufacturing plant in Merak, West Java, Indonesia, which has a production capacity of 450,000 tonnes per year.

The Indika Group was founded in 1997 by the Sudwikatmono family and is led by a team of professional managers. The group manages investments that span the petrochemical, power, media, and property industries.

PT PENI employs a direct workforce of approximately 360 people, mostly at the manufacturing facility in Merak. The former shareholders and new purchaser are committed to treating all employees with respect throughout the transfer of ownership. No changes are planned in the size of the workforce as a result of this sale.

Robert Genovese, President of PT PENI, said: "This transaction meets the objectives of our shareholders and the purchaser. The sale is a necessary step to improve the long-term health of the company and the competitiveness of the Indonesian polyethylene industry. In that sense, our employees and customers will benefit, too. I believe that PT PENI will be a very successful company under new ownership."

Mr M Arsjad Rasjid, Executive Director of Indika, added: "Indika is excited about this opportunity. We believe that PT PENI is an excellent company with strong customer relationships. We plan to enhance these relationships and jointly participate in the growth of the national petrochemical industry. The acquisition of PT PENI reflects Indika's commitment to advance the Indonesian petrochemical industry."

The former shareholders will work with Indika to ensure the sale does not have any adverse impact on the ongoing operation of the business and its relationships with customers, suppliers or the local community. The former shareholders are committed to a high-quality handover to the new owners and will assist Indika in the transition following the sale. After the sale, the former shareholders will continue to provide PT PENI with technical support services and ethylene supply.

The shareholders of PT PENI were advised by JP Morgan during this divestment. The Indika Group purchased the company through a competitive tender process. Indika's purchase of PT PENI was co-arranged by CIMB (L) Limited, Malaysia, and PT Niaga Sekuritas and financed by CIMB (L) Limited.

Notes to editors:

PT PENI was founded in 1990 and its plant started operation in 1993 with two reactor trains using BP's Innovene gas phase polyethylene technology with a combined initial production capacity of 250,000 tonnes a year of polyethylene.

The plant was expanded with a third reactor train, commissioned in 1998, raising total capacity to 450,000 tonnes a year.

PT PENI produces a full range of high density and linear low-density polyethylene (HDPE and LLDPE) products, primarily to meet the needs of the national Indonesian market.