ACWA Power to Collaborate with Indonesia’s Pertamina to Energize Tuban Refinery

The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power. Asharq Al-Awsat
The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power. Asharq Al-Awsat
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ACWA Power to Collaborate with Indonesia’s Pertamina to Energize Tuban Refinery

The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power. Asharq Al-Awsat
The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power. Asharq Al-Awsat

Saudi Arabia’s ACWA Power and Indonesia’s Pertamina New & Renewable Energy have signed a joint development agreement (JDA) to develop the core utilities supply for the Tuban Grass Root Refinery and Petrochemical Project.

The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power, at the B20 Summit, according to a press release.

The ceremony was witnessed by Indonesian Minister of Energy and Mineral Resources Arifin Tasrif, Indonesian Chairman of Chamber of Commerce and Industry Arsjad Rasjid, Chair of B20 Indonesia Shinta Kamdani, and CEO & President Director of Pertamina Nicke Widyawati.

A refinery capable of producing aromatics and ethylene, the Tuban facility is located in Java, eastern Indonesia. The scope of the JDA comprises development of a 575 MW power generation facility, a steam generation component with a capacity of 3,288 tons per hour; and a water desalination plant with a total capacity of 363,480 m3/day.

“With climate change implementation strategies at the top of the global consciousness, an integrated approach that can enable decarbonization in a responsible and reliable manner is key to mitigating the impact of carbon-intensive industries,” said Padmanathan.

“As a company that this driving the transition, we are proud and privileged to be collaborating with such a visionary company as PERTAMINA NRE, leveraging our extensive expertise in delivering renewable energy and desalinated water at scale, and now green hydrogen as well, to deliver successful outcomes,” he added.

As for Danusaputro, he said: “It is very exciting that we are going to support Tuban GRR&P project by providing low carbon solutions.”

“Having a reputable strategic partner is very crucial in terms of technology transfer and risk sharing. We believe this collaboration will create significant value.”



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.