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Sale in Darajat geothermal holdings boosts profits of plantation firm, Indonesia

Darajat III geothermal plant, Indonesia (source: Thorndon Cook)
Alexander Richter 3 Nov 2017

As part of the sale of Chevron's geothermal assets in Indonesia, PT Austindo Nusantara Jaya has sold its complete ownership in PT Darajat Geothermal Indonesia and its 5% share in PT Star Energy Geothermal for around $30.5 million.

Indonesian plantation company PT Austindo Nusantara Jaya Tbk recently announced a rise in profits following its sale of shares from – among others – PT Darajat Geothermal  and in PT Star Energy.

In September 2017, the company sold its complete 99.99% ownership in PT Darajat Geothermal Indonesia to Star Energy Geothermal (Saolak – Darajat) BV and PT Barito Pacific TbK for $30.1 million and its complete 5% ownership in PT Star Energy Geothermal Suoh Sikincau to PT Barito Pacific Tbk for $325k.

The gain for the company on the sale was $22.5 million.

Source: Rambu Energy