Philippine Firm Acquire Chevron`s Assets in Indonesia

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Kamis, 1 Januari 1970 07:00 WIB

Chevron. REUTERS/Mike Blake

TEMPO.CO, Jakarta - Philippine property to banking conglomerate Ayala Corporation, through its business unit AC Energy Holdings Inc, has announced that it has acquired Chevron’s geothermal fields in Indonesia and the Philippines. AC Energy has signed share transfer agreements with Chevron Global Energy Inc, Union Oil Company of California, and other relevant companies.

“AC Energy will join an Indonesia consortium owning 19.8 percent stake,” Ayala management stated in information disclosure to Philippine Stock Exchange (PSE), as reported by The Manila Times yesterday, December 26, 2016.

Aside from AC Energy, Indonesian consortium will comprise of Star Energy Group Holdings Pte Ltd, Star Energy Geothermal Pte Ltd, and Electricity Generating Public Company Ltd. The consortium will establish Star Energy Geothermal (Salak-Drajat) B.V joint venture.

The Philippine consortium will consist of AC Energy and Star Energy Group Holdings Pte Ltd. It will form ACEHI-STAR Holdings Inc. joint venture. “The acquisition will scale up renewable energy business and represent our presence in Indonesia,” AC Energy president director John Eric T. Francia.

Ayala is a company owned by the Philippine’s richest business clan. The company is aiming to increase its power plants capacity to 2,000 megawatt by 2020, double of initial plan. Ayala’s investment would be its first in Indonesia.

It did not disclose the acquisition price, but Reuters reported that Chevron’s assets in Indonesia and the Philippines estimated value was US$3 billion (Rp40.35 trillion). Chevron has recently been selling is assets, cutting jobs globally and pushing down capital expenditure to save cash amid weak oil prices.

In Indonesia, Chevron operates Drajat and Salak geothermal field in West Java with a total capacity of 235 megawatt of steam and 402 megawatt of electricity. In the Philippines, Chevron owns 40 percent stake at the Philippine Geothermal Production Company Inc, operating Tiwi and MakBan geothermal field in Southern Luzen with a total capacity of roughly 700 megawatt.

ABDUL MALIK

https://koran.tempo.co/konten/2016/12/27/410243/Perusahaan-Filipina-Akuisisi-Aset-Chevron-di-Indonesia

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