Star Energy hopes to complete acquisition of geothermal assets end February

By Febry Silaban

Petromindo

A consortium led by PT Star Energy hopes to be able to complete the acquisition of Chevron?s geothermal assets in Indonesia and the Philippines at the end of February of March of this year.

?(The acquisition process) has yet to be completed, probably around end of February or March,? President Director of Star Energy Rudy Suparman told Petromindo.com Monday.

Yanto Sianipar, Sr Vice President for Policy, Government and Public Affairs at Chevron Indonesia declined to provide comments on the acquisition process. ?We can?t provide detailed information related to commercial negotiation (process),? he said.

The Star Energy consortium, which signed the sales and purchase agreement for the Chevron assets on December 22 of last year, includes Star Energy Group Holdings, Star Energy Geothermal, AC Energy (Affiliates of Ayala Group in Philippines) and EGCO (from Thailand). For the acquisition of Chevron geothermal operations in Indonesia, Star Energy Group Holdings and Star Energy Geothermal hold majority ownership (68.31), followed by AC Energy (19.3 percent) and EGCO (11.89 percent).

The transaction is a major step for Star Energy Group to become one of the biggest geothermal operators in the world and to achieve its vision of becoming the geothermal operator of at least 600 MW in 2028.

Chevron?s major geothermal assets in Indonesia include Salak and Darajat geothermal fields, which generate 413 MW geothermal and supply 275 MW of steam. Chevron?s geothermal assets in Philippines include Tiwi-Makban geothermal field which is currently producing approximately 326 MW of steam.

Editing by Reiner Simanjuntak