SEPTEMBERASIA BUSINESS OUTLOOK9Mitr Phol of Thailand announced the acquisition of a 75 Percentage stake in Indonesian sugar mill Kebun Tebu Mas (KTM) as Asia's largest sugar and bioenergy producer expands its footprint on the continent. Mitr Phol told Reuters that the purchase of KTM, the country's largest privately-owned sugar mill and refinery, "envisages a pivotal role in advancing Indonesia's self-sufficiency in sugar production." The deal's value was not disclosed.With a population of around 270 million people, Indonesia, one of the world's largest sugar importers, aims to be self-sufficient in sugar by 2027 and then develop renewable sugar-based ethanol.In 2022, the Southeast Asian country produced 2.4 million tonnes and consumed 3.4 million tonnes.According to commodities trader and supply chain services firm Czarnikow, which advised on the transaction, KTM, located in East Java, produces approximately 400,000 tonnes of refined sugar per year."Indonesia is rapidly developing and offers enormous potential for global consolidators in the food, energy, and logistics space," said Stefano La Valle, Czarnikow's Asia head of corporate finance. NEWSROOMMITR PHOL TO BUYOUT 75 PERCENTAGE OF INDONESIA'S SUGAR MILL KEBUN TEBU MAS (KTM)As stated by Indonesia's foreign minister, Pertamina Geothermal Energy (PGE), a unit of Indonesian state energy firm Pertamina, has signed preliminary agreements with two Kenyan companies to explore partnerships in geothermal power projects.PGE signed a memorandum of understanding (MoU) with Geothermal Development Company to explore a $1.5 billion partnership, as well as a separate MoU with Africa Geothermal International No. 1 (AGIL No. 1) for a potential $700 million deal, according to Retno Marsudi.The agreements were signed during President Joko Widodo's visit to Kenya."This kind of cooperation is very important to pave the way for other energy cooperation, including in the upstream oil and gas sector and new and renewable energy," Retno said in a video statement late on Aug 21.PGE on Aug 22 said its agreement with AGIL is aimed at development in the Longonot concession in Kenya which could yield up to 500 megawatts (MW) of geothermal power, of which 140 MW is ready to be exploited.PGE parent Pertamina also signed an MoU to explore partnership potential with National Oil Corporation of Kenya during the same trip. PERTAMINA GEOTHERMAL ENERGY INKS MOU WITH KENYAN ENTERPRISES WITH REGARDS TO GEOTHERMAL POWER PROJECTS
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