Geo Energy expects ‘further clarity’ on Indonesia’s plan to centralise commodity export controls
The coal producer says current operations and activities continue ‘as (per) normal’
[SINGAPORE] Coal producer Geo Energy on Monday (May 25) said in a statement that it expects “further clarity” on the Indonesian government’s plan to centralise control of commodity exports.
The group noted that more details are needed regarding the “implementation framework, administrative processes, and documentation requirements” for the government’s plan to improve key resource sectors in the country, and enhance regulatory efficiency.
Directors at the company believe that this transition period may take time to “fully evolve” and be implemented, while the policies are refined and operationalised across the relevant agencies and industry stakeholders.
Geo Energy said that its current production, logistics, customer relationships and export activities continue “as (per) normal”, as their fundamentals remain “strong”.
The company has not received any official communication or directive in relation to the matter and will continue to closely monitor developments, while engaging with the relevant authorities and stakeholders as appropriate.
Geo Energy added that it will make further announcements on this issue if and when there are further developments.
Shares of the company closed flat at S$0.50 on Friday before the news.
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