The development of the Cogen PLTGU auction process in the Rokan Block and the provision of electricity for the PT Vale Indonesia Tbk (INCO) smelter began to be revealed. The latest news is that PT Perusahaan Listrik Negara (PLN) is preparing to acquire 100% of Cogen's PLTGU shares in the Rokan Block and provide electricity for the INCO smelter.
PLN's Director of Commerce and Management, Bob Saril said, PLN would acquire the Cogen PLTGU with a capacity of 300 MW owned by a subsidiary of Chevron Standard Limited named PT Mandau Cipta Tenaga Nusantara (MCTN).
"We are in the process of taking over 100% of the shares (PLTGU Cogen). If the value has not been announced, we can convey," he said.
In 1990, MCTN built the plant with an investment of around US$ 120 million. However, currently, in the auction process by MCTN, the value is said to reach US$ 300 million. "There are funds for the acquisition (PLTGU Cogen)," said Bob.
PLN's management is currently in the negotiation process with Chevron Standard Limited (CSL), which is the parent of MCTN. In fact, PLN claims to have succeeded in reaching agreements regarding the provisions of the conditional share purchase agreement (CSPA). "There will be a share purchasing agreement, we can sign it in the not too distant future," he said.
Bob confirmed that by the end of June there should be certain regarding the acquisition process. This week, MCTN will announce the results of the auction. "If you look at the auction process or the sale of shares, they (MCTN) will announce this week. Then they have one month to wait if there are questions from outside. After that, we will sign," said Bob.
Not only the power plant in the Rokan Block, but PLN has also signed an agreement with PT Vale Indonesia Tbk to provide electricity for the smelter that needs to be built. Bob said that PLN had signed a non-disclosure agreement (NDA) with INCO in May 2021.
PLN is currently in the discussion stage of data sharing and information regarding the construction of the INCO smelter in Sulawesi. However, so far there has been no memorandum of understanding (MoU) or transaction agreement agreed or signed between the two.
"(However) it is already in the stage of detailed discussion in that direction," said Bob.
Similar to the Cogen PLTGU, Vale's PLTGU with a capacity of 500 MW is also undergoing an auction period which is being followed by Medco-Pertamina Power, Golar-Equinox, and Tripatra-BP.
"PLN is optimistic that it can compete with other parties to be appointed as the party trusted to supply INCO's smelter electricity," said Bob.
If successfully appointed, PLN will connect the INCO smelter to the Southeast Sulawesi and Central Sulawesi electricity systems. If necessary, PLN is also ready to relocate the PLN's Gas and Steam Power Plant (PLTGU) on the island of Java. According to Bob, this option will not interfere with the reliability of the electricity supply in Java. This is because the reserve power available in Java-Bali is still large, which is around 45% of the peak load.
Kontan, Page-13, Thursday, June 24, 2021
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