Energy Industry in Indonesia

&
Worlds Renewable Energy
by :

Sando Sasako
Jakarta, 20 July 2016

This book is a part of an on-going research on energy business in Indonesia, including a near
exhaustive profile of renewable energy in the world and its increasing trends.
This book is available on a print-on-demand basis.
The flash version is for demo purpose only and available only to be served in Greater Jakarta,
Indonesia.
You may reach the publisher for demo request, inquiries, and purchase order from this number:
+62 851 0518 7118.

Serabdi Sakti
Jakarta, July 2016
Energy Industry in Indonesia
&
Worlds Renewable Energy
by :

Sando Sasako
ii

Perpustakaan Nasional RI: Data Katalog dalam Terbitan (KDT)

Sando Sasako.
Energy Industry in Indonesia & Worlds Renewable Energy / by
Sando Sasako. Jakarta : CV Serabdi Sakti, 2016.
147 pp. ; 21 cm

ISBN 978-602-73508-6-

1. . I. Judul.

Published by CV Serabdi Sakti Copyright Sando Sasako

Graha Anggrek
Jl. Anggrek Rosliana VII No.63
Jakarta Barat 11480, Indonesia
Tel. +62 21 4027 8375 (Fren)
+62 851 0518 7118
All rights reserved.
You may not reproduce the content of this book, in part
or in whole in any form with or without the written
permission of the copyright owner and publisher, as long
as you cite this reference as your ultimate one.

Keywords:
 iii

Contents

Contents ........................................................................................................................................ iii

List of Tables ............................................................................................................................... vii
List of Figures ............................................................................................................................. viii

Why do we need renewables? .......................................................................................................... 1

Lesser Lead Times ....................................................................................................................... 2
Higher Capital Recovery.............................................................................................................. 3
Increased Trends in Renewable Power Generation ....................................................................... 5
Shifting costs to use renewables ................................................................................................... 9

Share of Renewables Consumption ................................................................................................ 10

Total Energy Consumption ........................................................................................................ 12
Renewable Energy Applications ................................................................................................ 13
Renewables vs Non-Renewables ................................................................................................ 14
Why Liquid Fuels Matter ........................................................................................................... 16
Energy Industry Defined ............................................................................................................ 18
Forms of Energy ........................................................................................................................ 19
Investments in Renewables ........................................................................................................ 21
Capacity in Renewable Energy .................................................................................................. 23
Renewable Electricity ................................................................................................................ 24
Capacity in Renewable Electricity ............................................................................................. 28

Energy Technology Costs .............................................................................................................. 31

Supports to Renewable Energy Industry ........................................................................................ 35

Input and Output in Energy Industry .............................................................................................. 37

Energy Business in Indonesia in a brief ......................................................................................... 43

Oil ............................................................................................................................................. 44
Oil Infrastructure ................................................................................................................... 45
Oil Production ....................................................................................................................... 46

Gas ............................................................................................................................................ 47
Chemical Characteristics of Gas ............................................................................................ 50
Liquefied Natural Gas ............................................................................................................ 50
Liquefied Petroleum Gas ....................................................................................................... 55
Unconventional Gas Reserves ................................................................................................ 58
The Milestone of CBM Commercialisation ........................................................................ 61
CBM Asia @ Kutai West PSC ........................................................................................... 62
Dart Energy & IGas ........................................................................................................... 63
Dart Energy & NuEnergy ................................................................................................... 65

Coal ........................................................................................................................................... 72
History of Coal Business in Indonesia .................................................................................... 77
Regulatory Frameworks ......................................................................................................... 80
The Dutch Colonialism ...................................................................................................... 80
The Mining Law of 1967 ................................................................................................... 80
iv

The Production Sharing Contract in Coal Mining of 1975 .................................................. 82

The Coal Contract of Work of 1981 ................................................................................... 82
Forced Localisation ............................................................................................................ 83
Issues on Enviromental and Decentralisation ......................................................................... 84
Ministerial Regulations (Permen ESDM) ...........................................................................85
Ministerial Decrees (Kepmen ESDM) ................................................................................ 87
Clean and Clear: The Causes .................................................................................................. 90
The Non-CNC Status ......................................................................................................... 92
Unclear DMO System ........................................................................................................ 95
Forestry Land Use Permit................................................................................................... 98
Korsup Minerba ................................................................................................................. 99

CCoW Companies: The First Generations ............................................................................ 101

BHP Kendilo Coal Indonesia ........................................................................................... 107
BHP Businesses in Indonesia ........................................................................................... 109
Rio Tinto.......................................................................................................................... 109
Tata Power ....................................................................................................................... 110
Arutmin Indonesia ........................................................................................................... 111
Kaltim Prima Coal ........................................................................................................... 112
Bumi Resources ............................................................................................................... 113
The IndoCoal Deals...................................................................................................... 114
Allied Indo Coal............................................................................................................... 115

References ................................................................................................................................... 117

Directory of Coal Mining Companies in Indonesia ...................................................................... 121

Abadi Batubara Cemerlang .................................................................................................. 121
Abadi Coal Cemerlang ......................................................................................................... 121
Aceh Resources and Mineral ................................................................................................ 121
Aceh Resources and Mineral Core ....................................................................................... 121
Adaro Indonesia ................................................................................................................... 121
Adimas Baturaja Cemerlang ................................................................................................ 121
Allied Indo Coal , PT ........................................................................................................... 122
Andhika Mutiara Etam ......................................................................................................... 122
Andhika Mutiara Lestari ...................................................................................................... 122
Andhika Mutiara Sejahtera................................................................................................... 122
Antang Gunung Meratus ...................................................................................................... 122
Anugerah Jatimulia .............................................................................................................. 123
Anugerah Jatimulya ............................................................................................................. 123
Arutmin Indonesia ............................................................................................................... 123
Asmin Bara Bronang............................................................................................................ 123
Asmin Bara Jaan .................................................................................................................. 123
Asmin Koalindo Tuhup ........................................................................................................ 123
Astaka Dodol ....................................................................................................................... 124
Bahari Cakrawala Sebuku .................................................................................................... 124
Bangun Banua Persada Kalimantan ...................................................................................... 124
Bara Mutiara Prima .............................................................................................................. 124
Bara Pramulya Abadi ........................................................................................................... 125
Bara Sentosa Lestari ............................................................................................................ 125
Bara Utama Unggul ............................................................................................................. 125
Baradinamika Mudasukses ................................................................................................... 125
Baramarta, PD ..................................................................................................................... 125
 v

Baramarta ............................................................................................................................ 125

Baramulti Sukses Sarana ...................................................................................................... 126
Baramulti Suksessartana ...................................................................................................... 126
Baramutiara Prima ............................................................................................................... 126
Barasentosa Lestari .............................................................................................................. 126
Batu Alam Selaras ............................................................................................................... 126
Batubara Duaribu Abadi, PT ................................................................................................ 126
Batubara Selaras Sapta, PT .................................................................................................. 126
Baturona Adimulya .............................................................................................................. 127
Benakat Energi .................................................................................................................... 127
Benakat Energy ................................................................................................................... 127
Bentala Coal Mining ............................................................................................................ 127
Berau Coal ........................................................................................................................... 127
Bharinto Ekatama ................................................................................................................ 127
Bima Duta Batubara Sakti .................................................................................................... 128
Borneo Bhaktibara Utama .................................................................................................... 128
Borneo Indobara .................................................................................................................. 128
Buana Bara Utama ............................................................................................................... 128
Bukit Baiduri Enterprises ..................................................................................................... 128
Bukit Sunur ......................................................................................................................... 129
Bumi Laksana Perkasa ......................................................................................................... 129
Bumi Panen Sukses .............................................................................................................. 129
Bumi Sukse Mandiri ............................................................................................................ 129
Buntok Perdana Coal Mining ............................................................................................... 129
Calicari ................................................................................................................................ 129
Coal Duaribu Abadi ............................................................................................................. 129
Coal Selaras Sapta ............................................................................................................... 130
Danau Mas Hitam ................................................................................................................ 130
Daya Lapan ......................................................................................................................... 130
Delma Mining Corporation .................................................................................................. 130
Dhamar Tejokencono ........................................................................................................... 130
Dharma Puspita Mining ....................................................................................................... 130
Dutaputra Tanaratama .......................................................................................................... 131
Ekasatya Yanatama .............................................................................................................. 131
Energi Batubara Sumatera.................................................................................................... 131
Energy Batubara Sumatra .................................................................................................... 131
Fajar Bumi Sakti .................................................................................................................. 131
Firman Ketaun Perkasa ........................................................................................................ 131
Galicari ................................................................................................................................ 131
General Sakti Kreasindo ...................................................................................................... 132
Generalindo Prima Coal ....................................................................................................... 132
Gunung Bayan Pratama ....................................................................................................... 132
Gunung Bayan Pratama Coal ............................................................................................... 132
Hulubalang Inti Bumi .......................................................................................................... 132
Indexim Coalindo ................................................................................................................ 132
Indominco Mandiri .............................................................................................................. 133
Insani Bara Perkasa .............................................................................................................. 133
Interex Sacra Raya ............................................................................................................... 133
Intitirta Prima Sakti.............................................................................................................. 133
Intitirta Primasakti ............................................................................................................... 134
Jorong Barutama Greston..................................................................................................... 134
Juloi Coal ............................................................................................................................ 134
vi

Kadya Caraka Mulia ............................................................................................................ 134

Kalimantan Energi Lestari ................................................................................................... 134
Kalteng Coal ........................................................................................................................ 135
Kaltim Prima Coal ............................................................................................................... 135
Kartika Selabumi Mining ..................................................................................................... 135
Karunia Poladaya Bumi ....................................................................................................... 135
Karya Bumi Baratama .......................................................................................................... 135
Kendilo Coal Indonesia ........................................................................................................ 136
BHP Kendilo Coal Indonesia ............................................................................................... 136
Kideco Jaya Agung .............................................................................................................. 136
Kitadin ................................................................................................................................. 136
Kodeco Horna Mandiri ........................................................................................................ 136
Kurnia Sarana Lestari .......................................................................................................... 136
Kutai Kertanegara Prima Coal.............................................................................................. 136
Lahai Coal ........................................................................................................................... 137
Lanna Harita Indonesia ........................................................................................................ 137
Lianganggang Cemerlang .................................................................................................... 137
Mahakam Sumber Jaya ........................................................................................................ 137
Mandiri Intiperkasa .............................................................................................................. 137
Mantimin Coal Mining......................................................................................................... 138
Marunda Graha Mineral ....................................................................................................... 138
Marunda Grahamineral ........................................................................................................ 138
Maruwai Coal ...................................................................................................................... 138
Maruai Coal ......................................................................................................................... 138
Meulaboh Energitama .......................................................................................................... 138
Meullaboho Energitama ....................................................................................................... 139
Mitrajaya Timuragung ......................................................................................................... 139
Multi Harapan Utama .......................................................................................................... 139
Multi Tambangjaya Utama ................................................................................................... 139
Nusa Minera Utama ............................................................................................................. 139
Nusantara Termal Coal (D/A Nusantara Thai Coal) ............................................................. 140
Nusantara Thai Coal ............................................................................................................ 140
Pari Coal .............................................................................................................................. 140
Pendopo Energi Coal ........................................................................................................... 140
Pendopo Energy Batubara .................................................................................................... 140
Perkasa Inakakerta ............................................................................................................... 140
Persada Permata Mulya ........................................................................................................ 141
Persada Permata Mulia......................................................................................................... 141
Pesona Khatulistiwa Nusantara ............................................................................................ 141
Pinang Jaya Sarana Bara ...................................................................................................... 141
Pinangjaya Sarana Bara ....................................................................................................... 141
Ramdany Coal Mining ......................................................................................................... 141
Ratah Coal ........................................................................................................................... 141
Restubara Karya Pratama ..................................................................................................... 142
Riau Bara Harum ................................................................................................................. 142
Salamindo Coalindo ............................................................................................................. 142
Salamindo Pahala................................................................................................................. 142
Santan Coal.......................................................................................................................... 142
Santan Batubara ................................................................................................................... 142
Sarwa Sembada Karya Bumi ................................................................................................ 142
Selatan Selabara ................................................................................................................... 143
Selo Argodedali ................................................................................................................... 143
 vii

Selo Argokencono Sakti....................................................................................................... 143

Senamas Energindo Mulya................................................................................................... 143
Senamas Energindo Mulia ................................................................................................... 143
Sinar Benua Prima ............................................................................................................... 144
Sinarindo Barakarya ............................................................................................................ 144
Singlurus Pratama ................................................................................................................ 144
Solok Bara Adipratama ........................................................................................................ 144
Sumber Barito Coal ............................................................................................................. 144
Sumber Kurnia Buana .......................................................................................................... 145
Suprabari Mapanindo Mineral.............................................................................................. 145
Tambang Damai .................................................................................................................. 145
Tanito Harum ...................................................................................................................... 145
Tanjung Alam Jaya .............................................................................................................. 146
Tanjung Alam Raya ............................................................................................................. 146
Taraco Mining ..................................................................................................................... 146
Teguh Persada Coal ............................................................................................................. 146
Teguh Reksa Daya ............................................................................................................... 146
Teguh Sinar Abadi ............................................................................................................... 146
Tempayang Cemerlang ........................................................................................................ 147
Timah Batubara Utama ........................................................................................................ 147
Torah Antareja Mining ........................................................................................................ 147
Trimarta Coal Perkasa.......................................................................................................... 147
Trimata Buana ..................................................................................................................... 147
Trimata Benua ..................................................................................................................... 147
Trimata Coal Perkasa ........................................................................................................... 148
Trubaindo Coal Mining ........................................................................................................ 148
Wadung Mas Tambang Mulia .............................................................................................. 148
Wadungmas Tambang Mulia ............................................................................................... 148
Wahana Baratama Mining .................................................................................................... 148
Whirakaneo Coalindo .......................................................................................................... 148
Whiratama Bina Perkasa ...................................................................................................... 148
Yamabhumi Palaka .............................................................................................................. 149

List of Tables

Table 1 World primary energy demand by fuel and scenario (Mtoe) ........................................... 10
Table 2 World renewables consumption by scenario ................................................................... 11
Table 3 Share of global final energy consumption by end-use, 2014 ........................................... 13
Table 4 Distributed renewable energy for productive energy services and economic
development ................................................................................................................ 14
Table 5 Energy characteristics of energy-intensive industries, 2013 ............................................ 19
Table 6 Forms of energy ............................................................................................................. 19
Table 7 Energy units with conversion factors and energy equivalents ......................................... 20
Table 8 Energy conversion efficiencies ....................................................................................... 21
Table 9 Global trends in renewable energy new investment by technology, 2004-2014 (US$
bn)............................................................................................................................... 21
Table 10 Renewable energy indicator, 2014 ................................................................................ 22
Table 11 Global trends in renewable energy new investment by stage, 2004-2014 (US$ bn) ....... 23
Table 12 Global renewable energy capacity and biofuel production, 2014 .................................. 23
Table 13 Top-5 countries in annual investment / net capacity additions / production, 2014 ......... 24
Table 14 World electricity generation by source and scenario (TWh).......................................... 25
viii

Table 15 Power system flexibility options and characteristics ..................................................... 27

Table 16 Renewable electric power global capacity, top regions/countries, 2014 (GW) ..............29
Table 17 Top-5 countries in total capacity or generation as of end-2014 ..................................... 30
Table 18 Status of renewable technologies: characteristics and costs in power generation
and hot water/heating/cooling ...................................................................................... 33
Table 19 Status of renewable technologies: characteristics and costs: Distributed renewable
energy in developing countries .................................................................................... 34
Table 20 Status of renewable technologies: characteristics and costs: Transport fuels ................. 35
Table 21 Relevant comparisons for evaluating competitiveness of renewable energy
technologies by scale and role played ..........................................................................36
Table 22 Oil refineries in Indonesia, 2014 ................................................................................... 45
Table 23 Crude oil supply and demand in Indonesia, 2000-2014 ................................................. 47
Table 24 Crude oil refinery production in Indonesia, 2000-2014 ................................................. 47
Table 25 Natural gas production in Indonesia, 2000-2014 ........................................................... 48
Table 26 LNG Plants in Indonesia .............................................................................................. 51
Table 27 Regasification terminals in Indonesia, existing and planned, 2014 ................................ 52
Table 28 LPG supply and sales in Indonesia, 2000-2014............................................................. 55
Table 29 CBM Resources in Indonesia ....................................................................................... 59
Table 30 The 20 largest shareholders of Dart Energy Limited, 20100914 .................................... 64
Table 31 Some subsidiaries of IGas which were held through subsidiaries, 30 June 2015 ...........65
Table 32 Coal reserves in Indonesia, 2014 .................................................................................. 74
Table 33 Coal supply in Indonesia, 2000-2014............................................................................ 74
Table 34 Existing coal terminals in Indonesia .............................................................................75
Table 35 Coal mining companies in Indonesia by permits, March 2015 ......................................78
Table 36 CNC status of IUP by announcements, 20110630-20160104 ........................................ 91
Table 37 Problems of Non-CNC IUPs by category and regions, 20140203 ................................. 93
Table 38 Clean and Clear IUPs by province, 2014 April 2016 .................................................. 93
Table 39 Coal Domestic Market Obligations in Indonesia, 2010-2015 ........................................ 95
Table 40 Coal Domestic Market Obligations in Indonesia, by CCoW and KP/IUP
companies, 20100419-20150427 (mt) ..........................................................................97
Table 41 Overlay of IUP, COW, and PKP2B with Forest Area Map and IPPKH......................... 99
Table 42 IUP within conservation forests in 12 provinces, 2014-2015 ........................................ 99
Table 43 The First Generation CCoW Companies: The dates, area, and resources/reserves ....... 102
Table 44 The second generation of CCoW Companies: 17 of 19 ............................................... 103
Table 45 Coal produced from Kalimantan, 1997-2000 (1000 ton) ............................................. 103
Table 46 The third generation of CCoW Companies: 106 of 114 .............................................. 104
Table 47 Coal production from CCoW companies, 2005-2012 (1,000 ton) ............................... 106
Table 48 Subsidiaries of Tata Power related with coal mining business in Indonesia, 2015q1
( crore) .................................................................................................................... 110
Table 49 Financial profile of 3 direct subsidiaries of Tata Power on coal business in
Indonesia, 2015q1 ( crore) ....................................................................................... 111

List of Figures

Figure 1 Degrees of capital requirement and asset life time in oil industry ....................................1
Figure 2 Risk-return investment profile in oil industry ..................................................................1
Figure 3 Average lead times between final investment decision and first production for
different oil resource types ............................................................................................2
Figure 4 Supply response of US tight oil based on oil price in 2020. .............................................3
Figure 5 Cellulosic ethanol breakeven crude oil price for competitiveness with gasoline...............3
Figure 6 Components of total power generation costs, 2020 ..........................................................4
 ix

Figure 7 Components of total power generation costs, 2040.......................................................... 4

Figure 8 Components of electricity price, by regions and time frame ............................................ 5
Figure 9 Lowered costs in power generation by renewables .......................................................... 5
Figure 10 Share of renewables consumption in sector demand, 2005-2014, and forecast to
2020 .............................................................................................................................. 6
Figure 11 Renewable power net additions to capacity under main and accelerated cases by
countries ........................................................................................................................ 6
Figure 12 Breakdown of global renewable energy use in 2010 ...................................................... 7
Figure 13 Primary energy generation by supply and consumption in the US, 2014 ........................ 7
Figure 14 Breakdown of global renewable energy use in 2030 ...................................................... 8
Figure 15 Primary energy supply and consumption in the US, 2014 .............................................. 8
Figure 16 Average weighted substitution cost and benefits by sector ............................................ 9
Figure 17 Technology cost curve by primary energy source, 2030 .............................................. 10
Figure 18 Renewable energy share in global energy consumption, 2013 ..................................... 11
Figure 19 World energy consumption by end-use in 2012 & projection in 2040 (quadrillion
Btu) ............................................................................................................................. 12
Figure 20 World energy consumption by source in 2012 & projection in 2040 (quadrillion
Btu) ............................................................................................................................. 12
Figure 21 Conversion process from shale to fuel oil and byproducts ........................................... 15
Figure 22 Liquid fuels classified ................................................................................................. 15
Figure 23 Trends in oil intensity and GDP per capita in selected countries and regions ............... 17
Figure 24 Early signs of commercialisation in the advanced biofuels sector ................................ 17
Figure 25 World Energy Model .................................................................................................. 18
Figure 26 Energy forms .............................................................................................................. 20
Figure 27 Global New Investment in Renewable Power and Fuels, Developed and
Developing Countries, 20042014............................................................................... 22
Figure 28 Renewable Energy Share of Global Electricity Production, End-2014 ......................... 24
Figure 29 Global renewables-based electricity generation by technology in the New Policies
Scenario ...................................................................................................................... 25
Figure 30 World net electricity generation by source in 2012 & projection in 2040 (trillion
kWH) .......................................................................................................................... 25
Figure 31 World net electricity generation from renewables by source in 2012 & projection
in 2040 (trillion kWH) ................................................................................................. 26
Figure 32 World net electricity generation from renewables by country in 2040 (billion
kWH) .......................................................................................................................... 26
Figure 33 Power mix of renewable electricity in 24 hours ........................................................... 27
Figure 34 Natural gas prices and the share of non-hydro renewables in the US power mix .......... 28
Figure 35 Average Annual Growth Rates of Renewable Energy Capacity and Biofuels
Production, End-20092014 ........................................................................................ 29
Figure 36 Renewable Power Capacities* in World, EU-28, BRICS, and Top Seven
Countries, 2014 ........................................................................................................... 30
Figure 37 Energy-related CO2 emissions and economic growth, 2005-2014 ............................... 31
Figure 38 World energy-related carbon dioxide emissions (billion metric tons) .......................... 31
Figure 39 Evolution of energy technology costs per unit in the New Policies Scenario, 2014-
2040 ............................................................................................................................ 32
Figure 40 Extent of global mandatory efficiency regulation of final energy consumption by
sector and region ......................................................................................................... 35
Figure 41 Enabling policy in supporting the renewable energy industry ...................................... 36
Figure 42 Milestones on the road to competitiveness for renewables ........................................... 37
Figure 43 Energy inputoutput cross-paths from primary sources to consumption sectors
and energy losses. ........................................................................................................ 38
x

Figure 44 US energy use, 2014, The Sankey Diagram of energy resources (left) flow to end-
use sectors (right) ........................................................................................................ 38
Figure 45 US Primary Energy Consumption by Source and Sector, 2014 .................................... 39
Figure 46 U.S. Energy Flow, 2014 (Quadrillion Btu) .................................................................. 40
Figure 47 World energy demand by fuel and sector in the New Policies Scenario, 2040
(Mtoe) ......................................................................................................................... 40
Figure 48 Power generation by fuel and demand by sector in the US (TWh) ............................... 41
Figure 49 Power generation by fuel and demand by sector in the EU (TWh) ............................... 41
Figure 50 Power generation by fuel and demand by sector in China (TWh) ................................ 42
Figure 51 Power generation by fuel and demand by sector in India (TWh) .................................. 42
Figure 52 Oil reserves in Indonesia, 2014 ................................................................................... 44
Figure 53 Installed capacity of oil refineries in Indonesia, 2014 .................................................. 46
Figure 54 Natural gas reserves in Indonesia, 2014....................................................................... 48
Figure 55 LNG plants in Indonesia, 2015 .................................................................................... 51
Figure 56 LNG plants infrastructure in Indonesia, 2015 .............................................................. 52
Figure 57 LNG Applications ....................................................................................................... 53
Figure 58 Gas transmission and distribution in Indonesia, 2010-2025 ......................................... 54
Figure 59 Bottling plants of LPG in Indonesia, 2015 ................................................................... 57
Figure 60 LPG supply scheme from import and 3 PSCs to 3 main terminals ............................... 58
Figure 61 CBM Basins in Indonesia ............................................................................................ 59
Figure 62 Coal bed methane (CBM) resources in Indonesia, 2010 ..............................................60
Figure 63 CBM PSC terms in Indonesia...................................................................................... 60
Figure 64 Some CBM PSCs in East Kalimantan ......................................................................... 62
Figure 65 CBM basin in South Sumatera, Nov. 2011 .................................................................. 66
Figure 66 Tanjung Enim CBM PSC ............................................................................................ 67
Figure 67 Muralim CBM PSC .................................................................................................... 68
Figure 68 Sangatta West CBM PSC ............................................................................................ 69
Figure 69 The CBM PSCs of NuEnergy in Sumatera .................................................................. 71
Figure 70 Gasification-based system concepts ............................................................................ 72
Figure 71 Gasification chemistry ................................................................................................ 73
Figure 72 Coal distribution in Indonesia by calory class, 2014 .................................................... 73
Figure 73 Supply and export of Indonesian coal, 1997-2014 ....................................................... 75
Figure 74 Export share over coal production in top producing countries ..................................... 75
Figure 75 Coal seaports in Indonesia, 2015 ................................................................................. 76
Figure 76 UK banks involvement in Indonesian coal companies ................................................. 77
Figure 77 Mining permits in Indonesia, 20140203 ......................................................................78
Figure 78 Mining problems in Indonesia, 20140203 ................................................................... 90
Figure 79 Problems of Non-Clean & Clear Status of IUPs classified and mapped ....................... 92
Figure 80 Adding value to the coal by implementing clean coal technology ................................ 94
Figure 81 Coal DMO mechanism in Indonesia ............................................................................ 96
Figure 82 Monitoring and reporting system on the implementation of coal DMO mechanism
in Indonesia ................................................................................................................. 96
Figure 83 Clean & Clear Status of IUPs, May 2011 April 2016 .............................................. 100
Figure 84 The mechanics of $600m structure finance (fixed rate note) of IndoCoal in 2005 ...... 114
Figure 85 The mechanics of unrated $900m structured export notes (FRN) of IndoCoal in
2006 .......................................................................................................................... 115