Prabowo Mandates Single-Channel Control Over Natural Resource Exports, Lists Top 10 Indonesian Palm Oil Exporters
Jakarta, CNBC Indonesia - President Prabowo Subianto has ordered that all natural resource exports be controlled through a single channel. He stated that this would allow the government to track the destination, pricing, and value generated from each export of Indonesia’s wealth.
This control is being implemented through the creation of a new state-owned enterprise (SOE), PT Danantara Sumberdaya Indonesia (Danantara). All Indonesian natural resource exports will be required to go exclusively through Danantara.
The government is currently finalising the implementing regulations for this policy. Trade Minister Budi Santoso revealed that the Ministry of Trade Regulation (Permendag) is in the process of completion. He added that the policy will be fully enforced from 1 January 2027, with a transitional phase for the single-channel export process beginning on 1 June 2026.
Finance Minister Purbaya Yudhi Sadewa explained that the single-channel export decision came after President Prabowo received reports of under-invoicing practices in Indonesian commodity exports. This involves lowering export prices on official documents or reducing shipment volumes. He made the remarks at the Jogja Financial Festival 2026 at the Jogja Expo Center in Yogyakarta on Friday (22 May 2026).
‘Prices are manipulated to be lower than the actual selling price, or sometimes the volume is reduced. So, in effect, part of it is being smuggled. After that, he asked me to look into it,’ Purbaya said, quoted on Tuesday (26 May 2026).
‘I checked the top 10 palm oil companies in Indonesia. I randomly reviewed their shipping to overseas destinations. It turns out that exports to the US are not direct; they go through intermediary traders in Singapore,’ Purbaya said.
So, who are Indonesia’s top palm oil exporters?
Executive Director of the Palm Oil Agribusiness Strategic Policy Institute (PASPI), Tungkot Sipayung, said the 10 companies mentioned by Purbaya are among the top 10 with integrated business groups from upstream to downstream. This includes plantations, palm oil mills (PKS), downstream industries, traders/exporters, and subsidiaries acting as importers in destination countries, often through joint ventures with local partners.
‘There are many palm oil trader/exporter companies. All are listed with the Ministry of Trade. The 10 palm oil exporters named by the Finance Minister (Purbaya Yudhi Sadewa) are the top ten with integrated upstream-downstream business groups,’ Tungkot told CNBC Indonesia, quoted on Tuesday (26 May).
Based on the data obtained, here are the top 10 Indonesian palm oil exporters:
PT Eka Dura Indonesia (Astra Agro Lestari Group)
PT Inti Indosawit Subur (Asian Agri Group)
PT Energi Unggul Persada (KPN Corp Group)
PT Intibenua Perkasatama (Wilmar Group)
PT Ivo Mas Tunggal (Sinar Mas Group)
PT Karya Indah Alam Sejahtera (Wings Group)
PT Letawa (Astra Agro Lestari Group)
PT Multimas Nabati Asahan (Wilmar Group)
PT Musim Mas (Musim Mas Group)
PT Nagamas Palm Oil Lestari (Permata Hijau Group)
Why Prabowo Wants to Control Natural Resource Exports
Tungkot explained that misinvoicing practices, including under-invoicing and over-invoicing of quantities, quality, or prices, along with transfer pricing in palm oil exports, constitute smuggling crimes in trade.
‘According to government investigations, misinvoicing is widespread in Indonesia. It harms both exporting and importing countries through lost export taxes, import duties, and corporate income tax,’ he said.
‘For Indonesia, besides misinvoicing, there is also the issue of foreign exchange earnings (DHE) not entering the domestic economy but being parked overseas,’ he added.
Tungkot explained that the continuous diversion of foreign exchange earnings from the domestic economy has significant impacts.
‘It leads to persistent rupiah depreciation, persistently high domestic interest rates, no multiplier effect in creating economic growth, job opportunities, income increases, lower-than-expected production, savings-investment gaps, fiscal gaps, and more,’ he said.
‘According to the President, this is one of the reasons why Indonesia’s economic growth has struggled to exceed 5 per cent,’ he added.
Therefore, Tungkot stated that the government’s move to control natural resource exports, including palm oil, coal, and ferroalloys, is not about finding fault with the companies.
‘The government is addressing long-standing irregularities. It’s good for making Indonesia great again in the future. Some people see it as targeting companies due to a lack of understanding,’ Tungkot said.