PT SMART Corp. plans to build a crude palm oil refinery to cost up to $50 million in Jakarta in the second half of this year, Asia Pulse reported on Thursday.
The project was originally to be carried out in May last year, company investor relations director Pintasari Chandra told Investor Daily.
Chandra said the new plant will have a processing capacity of 800 tons of oil palm fruits per day.
It will produce CPO derivatives including olein, margarine, and cooking oil.
Malaysian Islamic reinsurer eyes Indonesia
Malaysia-based Islamic reinsurer ACR ReTakaful SEA expects to grow its business in Indonesia, an executive said on Tuesday, Reuters reported.
"In terms of Indonesia, there is big space for growth given it is the biggest Islamic-population nation."
Chief executive Zainal Abidin M Noor estimated yearly growth for Islamic insurance (takaful) at 20% in Malaysia and up to 15% in Indonesia.
The company is interested in specialized risk, including special liabilities, offshore energy, aviation and satellite and space insurance, he said.
He said the firm was in talks to enter into a strategic alliance with an Islamic reinsurer in Malaysia, which would likely take place in September, but declined to give further details.
Under takaful, the risk and reward are shared between the customer and insurer, while in conventional insurance the insurer takes on all the risk for a premium.