Tuban
www.kisc.meiji.ac.jp/~w_zemi/sot/sot5hoshi.pdf
日商岩井、伊藤忠商事の例
ｼﾞｬﾜ島ツバンでの建設途上のエチレンセンター『トランス・パシフィック』の株式もハシムは売り歩いているという。
このエチレンセンターは、日商岩井と伊藤忠商事がありとあらゆるリスクをつぶした最高の案件のはずであった。日商岩井と伊藤忠商事の出資比率は各5％、2000
万ドルとリスク・マネーは最小限に抑え、マジョリティを握るハシム氏というパイプも完璧であり、さらにプルタミナから随伴ガスの格安供給もあった。
トランスパシフィックの総事業費は31
億ドルと、チャンドラ・アスリを上回る。ハシムの出資率は70％、そして日商岩井が10％の出資比率(投資額95
億円)である。トランスパシフィックは、アスリ以上に悲劇的だ。銀行団によるプロジェクトファイナンスの組成が空中分解し、45％進んだところで工事が中断してしまっているのだ。
工事を請け負った日揮とストーンウェブスター(SW)は100％機器を発注済みであり、すでにSW
はシンガポールに4 割引で機器を買ってくれるようにシンガポールと持ち掛けているという。最悪の場合、ハシムと日商岩井はプラント2
社と陰鬱な損失分担交渉に臨むことになる。
週刊ポスト/1998.6.5
銀行よりもっと深刻なのが総合商社である。インドネシア・メラク地区に建設中の巨大エチレンセンターは、丸紅が肩入れをしているプロジェクトだ。世界でも十指に入る規模に最初から採算を疑問視する向きが多かった。世界銀行は「？」をつけたし、役人も一旦は中止させようとした。ところがスハルト前大統領に近い人々が推進していることもあってついにＧＯ。政府はエチレン輸入に２５％の関税をかけて応援してくれたが、９７年度の赤字は１００億円に上りそうだ。そこへ暴動が起こって経済が混乱し、丸紅の回収見通しは大きく狂った。
ジャワ島ツバンでも日商岩井が関係したエチレンセンターが建設途上だ。日本側の出資は約１００億円。だが資金繰りがつかず工事が中断している。
Asia
Times 2004
http://www.atimes.com/atimes/Southeast_Asia/FD07Ae02.html
Stalled
Indonesian refinery gets new lease on life
By
Bill Guerin
JAKARTA - Tuban, a small, sleepy town on East Java's north coast,
could be transformed into a powerhouse of Indonesia's biggest
petrochemical and refining operations within the next few years,
and might also house a regional petrochemical plant.
Construction of the country's first integrated olefins and
aromatics facility, the partly built US$2.3 billion Tuban
petrochemical complex, will resume this month under a $240
million two-year contract awarded last week by the state oil
company, Pertamina.
Pertamina has a 15 percent stake in the project, run by
state-managed PT Trans Pacific Petrochemical Indotama. TPPI was
70 percent owned by the Tirtamas Group, a local conglomerate and
20 percent by a Singapore unit of Thailand's Siam Cement PCL,
Tuban Petrochemical Pte Ltd. The remaining 10 percent is evenly
split between Itochu and Nissho Iwai.
However, the government, through the now defunct Indonesian Bank
Restructuring Agency (IBRA), took over the 70 percent stake and
controlling interest in Tirtamas, after the group failed to repay
a total of Rp 4.1 trillion (nearly $478 million at the current
exchange rate) in debts to several local banks. Tirtamas had been
one of IBRA's 21 largest debtors.
The giant complex, designed to produce 3.6 million tons of
refined-oil products and aromatics and other products for
domestic use, had been originally scheduled to
come on stream in mid-1999. Work on
the plant, which is only 40 percent complete, came to a halt when
the economic crisis hit in 1998.
Initial plans for the complex included a 100,000-barrel-per-day
(bpd) condensate splitter, a 700,000-ton-per-year
naphtha cracker, and a 500,000-ton-per-year
paraxylene
plant along with associated olefins and aromatics, plus
derivative projects including polyethylene,
polypropylene, styrene monomer, vinyl acetate monomer and vinyl
chloride monomer.
100,000 metric tons of high density polyethylene (HDPE)
300,000 m.t. of low density polyethylene (LDPE)
200,000 m.t. of polypropylene (PP)
500,000 m.t. of styrene monomer per year.
Financing for
the project was never completed, but about US$500
million of shareholder funds were spent, mainly on construction
of the condensate splitter and the aromatics facility. Construction
of the olefin complex was halted and major equipment was sold to
BASF for its cracker joint venture in China.
The domestic aromatics market holds high potential. Pertamina is
the only benzene producer, with a capacity of 120,000 tons per
year from reformate extraction. Pertamina exports about 70
percent of its benzene production through an agreement with
ChevronTexaco.
Domestic consumption of benzene is currently double the listed
capacity even without taking into account the export agreement.
A Japanese consortium headed by the Japan Bank for International
Cooperation (JBIC) has pledged loans worth $400 million. Sumitomo
Mitsui Banking Corp arranged half of the eight-year loans and the
other half will come from Mitsui & Co.
State-owned construction firm PT Adhi Karya has been awarded a 35
percent share of the building work and two other local
construction firms will share the remainder of the construction
contract.
When completed, the facility will have an annual production
capacity of 335,000 tons of reformate, 1.1 million tons of
kerosene, 189,000 tons of diesel fuel, 500,000 tons of
paraxclyene, 100,000 tons of toluene, 120,000 tons of orthoxylene
and about a million tons of light naphtha.
An earlier attempt by Pertamina to fund the completion of the
project by collateralizing revenue from Central Java's giant
Cilacap refinery failed as it breached a "negative
pledge" clause in World Bank and International Monetary Fund
(IMF) loan agreements, under which the two lenders have first
call on future foreign exchange revenue in the event of a
financing problem.
Pertamina had used similar offtake agreements to finance a
petrochemical plant at Cilacap and to convert parts of the
Cilacap and Balongan refineries to produce unleaded petrol but
committing Cilacap revenue streams to a totally unrelated project
was just not on, said the World Bank.
The Bank also saw Pertamina's plan to take a 15 percent stake in
the Tuban project and link up with Saudi investor HiTech
International to build a new 250,000 bpd refinery next door, as a
ploy to tie up all the country's refining capacity.
The petrochemical project is in line with Pertamina's core
business. The state company already supplies 30 percent of demand
in the domestic petrochemical market.
Pertamina is also the country's main producer of oil and gas -
the main raw material for TPPI's integrated olefin and aromatic
plants. The Japanese creditors had been pressing Pertamina to buy
a stake in TPPI so the project could be funded.
A precedent had been established under the previous
administration when the government had bailed out another
petrochemical center, PT Chandra Asri, whose creditors also
included Japanese giant trading houses.
In June 2000 the government took a controversial step when
president Abdurrahman Wahid instructed IBRA to convert all of its
$460 million investments in PT Chandra Asri into equity. The move
in effect took over Chandra Asri's debts owed to foreign
creditors, including Japanese trading houses.
Chandra Asri's foreign creditors, led by Japan's Marubeni Corp,
agreed also to convert $100 million of its loans to Chandra Asri
into 20 percent equity. The remaining $700 million loan would be
repaid in 12 years.
Wahid's deal with Marubeni was criticized by many analysts on the
grounds that it was not transparent and that for the government
to take over a private company's debts would set a bad precedent
for future debt-restructuring processes. International donors
would be less than happy if the money they lent to the government
were to be used to bail out the debts of the private sector
instead of financing the development of crucial infrastructure in
rural areas or to help the poor survive the economic crisis.
TPPI's Japanese shareholders, Itochu and Nissho Iwai, pressed
their case with Jakarta until, last September, the government
warned that it might end negotiations with the Japanese
consortium on the loans to finance the Tuban petrochemical
project if the Japanese financiers insisted on more guarantees
from the government in the wake of terror attacks in the country.
Pertamina had been accused of trying to retain its downstream
monopoly with its earlier plan to build an oil refinery, to
process 100,000 barrels of crude oil a day from the Cepu oil
block, next door to the stalled Tuban petrochemical plant.
However, its joint-venture partnership with Saudi Arabia's HiTech
International Group collapsed after HiTech failed to raise an
estimated $250 million needed for financing the project.
This January Iran's state-owned National Iranian Oil Co and
Pertamina jointly announced their plan to build and operate a $1
billion oil refinery in East Java. The refinery, which is
expected to process up to 150,000 barrels of crude oil a day,
will help supply Indonesia's high demand for oil-based fuel and
will allow synergies in production with the TPPI plant from 2006
onward.
There are seven oil refineries in Indonesia, with a combined
capacity of about 1 million bpd. However, this capacity only
covers 80 percent of the country's oil demand, now about 1.2
million bpd. The remaining 20 percent is imported from several
countries, including Iran.
A regional petrochemical plant at Tuban could also be in the
cards to fulfill the region's increasing demand for raw materials
for manufacturing plastic products, while also raising the
region's competitiveness in the global plastics market.
The Indonesian Olefin and Plastics Industry Association (Inaplas)
has proposed that members of the Association of Southeast Asian
Nations (ASEAN) jointly build a petrochemical plant for the
region. A proposal for the plant was submitted by Inaplas to a
recent ASEAN Federation of Plastics Industries (AFPI) meeting in
Thailand.
Inaplas secretary general Budi Susanto Sadiman said the plant
could produce a million tons of ethylene and 1.5 million tonnes
of propylene every year. The same plant could process the two
gases further into polyethylene and polypropylene, the main raw
materials for plastic products.
Demand for polyethylene and polypropylene in the Asia-Pacific
region reached 18.1 million tonnes and 15.3 million tonnes
respectively last year, though production was only 17.4 million
tonnes and 15.1 million tonnes.
Domestic demand for polyethylene was 578,000 tonnes and for
polypropylene 741,000 tonnes, though production was only 445,000
tonnes and 475,000 tons respectively.
Demand for both products is estimated to increase by an average
of 5 percent per year until 2008, according to Inaplas.
Production of ethylene and propylene requires adequate supplies
of naphtha or natural-gas condensates, both of which will be on
stream in East Java.
Chemical &
Engineering News August 11, 1997
CHEMICAL BOOM IN INDONESIA
http://pubs.acs.org/hotartcl/cenear/970811/boom.html
Bank of America became heavily involved in Indonesia's chemical
sector last year as a financial adviser to Trans-Pacific
Petrochemical Indotama (TPPI), a new company that is building a
$2.3 billion petrochemical complex in Tuban, on the northeast
coast of Java. The complex will require more than $3 billion in
investment if downstream facilities are included. TPPI will
feature Indonesia's second ethylene complex. The first, Chandra
Asri, near Merak, came on-line in 1995 after enduring long delays
during its construction.
About 75% of TPPI's planned facilities will be financed by international loans, and much of them will be underwritten by BA Asia, a Bank of America merchant banking arm. Robert A. Johnson, a Hong Kong-based chemical engineer and BA Asia project financier, comments, "We have loan commitments for $1 billion already." He adds that construction is under way, with the facility scheduled to start operating in 1999. He expects no delay or interference from authorities.
TPPI's Tuban project is impressive. Within three years--on what until recently was a greenfield site devoid of significant infrastructure--an integrated petrochemical facility will be producing olefins, aromatics, and downstream chemicals. Initially, ethylene output will be 1.5 billion lb per year. According to Johnson, TPPI will meet about two-thirds of its feedstock requirements by using condensate from Pertamina, the state-owned oil company. This is unlike the Chandra Asri complex, which uses mostly imported naphtha to make ethylene.
The main sponsor of TPPI, with a 70% stake, is the Tirtamas Group, a large Indonesian conglomerate with close ties to the family of Indonesian President Suharto. Another 20% stake is owned by Siam Cement, Thailand's largest business group. The other partners are Japanese trading companies Nissho Iwai and Itochu, which have a central role in orchestrating the downstream portion of the project. The U.S.'s Koch Refining is also likely to acquire some equity, says Johnson. Engineering will be mostly by U.S. firm Stone & Webster.
A seemingly well-thought-out project such as TPPI's in Tuban gives Indonesia's chemical industry an aura of reassuring familiarity. Much like most successfully financed projects around the world, it is built on the conservative assumption of no tariff protection, says Johnson. Moreover, its justification is a combination of familiar rationales: market, feedstock, and integrated design. Johnson is convinced TPPI will be one of the most cost-competitive complexes in the world.
------
Chandra Asri is probably most illustrative of the difficulties that the country's chemical industry has had to suffer. The government halted construction of the complex for almost two years after all the necessary funds had been borrowed. That two-year delay was costly--$500 million is the company's estimate for losses, including currency fluctuations, interest, and lost revenue.