According to Oil World, the world's palm oil production during 2011 will reach 49.68 million tons, which rose 8.5% from 2010. Meanwhile, world consumption of palm oil during 2011 will reached 48.79 million tons, up 5.1% of 2010 consumption. The volume of world palm oil exports in 2011 is estimated to grow 4.2% YoY to 38.03 million tonnes.
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Sunday, September 25, 2011
Monday, September 19, 2011
Nestlé Resumes Palm Oil Purchases from SMART.Tbk
Jakarta, 15 September 2011 – PT SMART Tbk (SMART) is pleased to announce that Nestlé has placed an order to resume palm oil purchases from the company. SMART views this order as an acknowledgement of its on-going sustainability commitments and efforts to find solutions to continuously produce palm oil in a sustainable, environmentally and socially responsible manner.
In May 2010, Nestlé, together with international NGO, The Forest Trust (TFT) announced Responsible Sourcing Guidelines (RSGs), a set of critical requirements to guide the Nestlé procurement process and to ensure compliance with the Nestlé Supplier Code. In late 2010, SMART’s parent company Golden Agri-Resources (GAR) developed a joint action plan with TFT to help GAR ensure that its subsidiaries could meet the Nestlé RSGrequirements. To ensure that oil delivered to Nestlé meets the RSG requirements, the plantations supplying Nestlé were subject to TFT assessments. SMART then implemented innovative processes and supply chain controls to ensure that the delivered oil is fully traceable from the supplying plantations, through processing and transportation to the Nestlé factory in Indonesia. This full traceability across the supply chain has been further audited by Nestlé-appointed international agency, TÜV Rheinland Group.
Mr Daud Dharsono, President Director of SMART said: “We welcome Nestlé’s decision which is an acknowledgement of our sustainability efforts. This represents an important milestone in our journey toward the continuous production of sustainable palm oil. Sustainability is an on-going journey and we are committed to managing the environment responsibly and empowering communities. We believe that our achievement of full traceability with this order is another significant milestone.” GAR has also been working with TFT on the implementation of a Forest Conservation Policy (FCP) which aims to ensure that GAR has no deforestation footprint and also seeks to achieve long-term sustainable growth for GAR and the palm oil industry. The FCP focuses on there being no development on High Carbon Stock (HCS) forests, where a provisional definition of exceeding 35 tonnes of carbon per hectare will be used as HCS forest definition; no
PT SMART Tbk (SMART), subsidiary of Golden Agri- Resources Limited (GAR) receives Roundtable on Sustainable Palm Oil (RSPO) certification.
Jakarta, 16 September 2011 - PT SMART Tbk (SMART), subsidiary of Golden Agri- Resources Limited (GAR) announces today that it has received Roundtable on Sustainable Palm Oil (RSPO) certification. The certification covers 14,955 ha of plantations and one mill under SMART in North Sumatra, and are the first palm oil operations from GAR to receive the RSPO certification. This certification is part of the ongoing certification of SMART and another GAR subsidiary, PT Ivo Mas Tunggal, which covers 103,953 hectares of plantations and 11 mills. This brings GAR closer to its overall target of obtaining RSPO certification for all its palm oil operations by December 2015.
Said Mr Daud Dharsono, President Director of SMART: "The RSPO is among the leading international standards for sustainable palm oil and we remain committed to working towards RSPO certification for the remaining palm oil operations by December 2015. Our sustainability efforts are guided by our internal values and principles since we commenced oil palm planting and we will take a leadership role in working with multi-stakeholders to find solutions toward sustainable palm oil production.”
GAR has engaged international NGO, The Forest Trust (TFT) to help the company prepare for RSPO certification for the rest of its existing 433,200 hectares of palm oil plantations and 42 mills
Said Mr Daud Dharsono, President Director of SMART: "The RSPO is among the leading international standards for sustainable palm oil and we remain committed to working towards RSPO certification for the remaining palm oil operations by December 2015. Our sustainability efforts are guided by our internal values and principles since we commenced oil palm planting and we will take a leadership role in working with multi-stakeholders to find solutions toward sustainable palm oil production.”
GAR has engaged international NGO, The Forest Trust (TFT) to help the company prepare for RSPO certification for the rest of its existing 433,200 hectares of palm oil plantations and 42 mills
Adhi Karya Got New Project
PRESS RELEASE
NO: PR/008-IX/11
Subject: New Project Acquired
Herewith we would like to inform you that PT Adhi Karya (Persero) Tbk. (ADHI) hadNO: PR/008-IX/11
Subject: New Project Acquired
acquired a new project, with following details:
Name of Project: RFCC (Residual Fluid Catalytic Cracking) Cilacap
Type of Project: EPC Oil & Gas
Owner: PT Pertamina (Persero)
Total Contract Value: USD931,480,000.- (including PPN 10%)
JO ADHI [30%] : GS [70%]
Location: Cilacap
Scope of Work: Refinery RFCC
Duration: 39 Months
Thank you for your attention.
Jakarta, 16th September 2011
Kind regards,
PT Adhi Karya (Persero) Tbk.
BUMI ANNOUNCES AMENDMENT TO TERMS OF BRM (Bumi Resources Mineral) TRANSACTION
On 10 June 2011, Vallar Limited (then Vallar PLC) (“Vallar”) announced a major re-organisation through the transfer of 75 per cent. (on a fully diluted basis) of PT Bumi Resources Minerals Tbk (“BRM”) from PT Bumi Resources Tbk (“Bumi Resources”) to Vallar (the “BRM Proposal”). The consideration for the BRM Proposal will be in the form of convertible bonds (the “Convertible Bonds”), to be issued to Bumi Resources.
Amended Terms
In light of the recent difficult conditions in global equity markets and the consequent impact on the Bumi share price, Bumi has agreed to amend the terms of the BRM Proposal. Under the amended terms entered into today:
the principal value of the Convertible Bonds to be issued by Bumi to Bumi Resources in
consideration will be approximately US$2.007 billion (rather than approximately US$2.070
billion);
the Exchange Price (i.e. the price at which the Convertible Bonds may be converted into Bumi
Shares) will be £11.80 (rather than £15.8841). The revised price of £11.80 represents a 22.0 per
cent. premium to the thirty day average price of a Bumi Voting Ordinary Share for the period to
16 September 2011;
the maximum number of Bumi Shares into which the Convertible Bonds will convert at the initial
Exchange Price will be approximately 108 million (rather than approximately 79 million); and
the longstop date for satisfaction of the conditions to closing of the BRM Proposal has been
changed to 31 December 2011 from 30 September 2011.
Bumi and Bumi Resources intend to structure the transaction so that existing Bumi shareholders with a specified minimum holding in Bumi will be given the opportunity to purchase a substantial portion of the Convertible Bonds, pro rata to their shareholdings in Bumi. Further details of such arrangements (including of the shareholders who will be permitted to participate) will be contained in the shareholder circular relating to the BRM Proposal which will be published by Bumi in due course.
The terms of the BRM Proposal are otherwise unchanged. The maturity of the Convertible Bonds is five years and six months from the issue date, and the interest is 2 per cent per annum.
In light of the recent difficult conditions in global equity markets and the consequent impact on the Bumi share price, Bumi has agreed to amend the terms of the BRM Proposal. Under the amended terms entered into today:
the principal value of the Convertible Bonds to be issued by Bumi to Bumi Resources in
consideration will be approximately US$2.007 billion (rather than approximately US$2.070
billion);
the Exchange Price (i.e. the price at which the Convertible Bonds may be converted into Bumi
Shares) will be £11.80 (rather than £15.8841). The revised price of £11.80 represents a 22.0 per
cent. premium to the thirty day average price of a Bumi Voting Ordinary Share for the period to
16 September 2011;
the maximum number of Bumi Shares into which the Convertible Bonds will convert at the initial
Exchange Price will be approximately 108 million (rather than approximately 79 million); and
the longstop date for satisfaction of the conditions to closing of the BRM Proposal has been
changed to 31 December 2011 from 30 September 2011.
Bumi and Bumi Resources intend to structure the transaction so that existing Bumi shareholders with a specified minimum holding in Bumi will be given the opportunity to purchase a substantial portion of the Convertible Bonds, pro rata to their shareholdings in Bumi. Further details of such arrangements (including of the shareholders who will be permitted to participate) will be contained in the shareholder circular relating to the BRM Proposal which will be published by Bumi in due course.
The terms of the BRM Proposal are otherwise unchanged. The maturity of the Convertible Bonds is five years and six months from the issue date, and the interest is 2 per cent per annum.
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