RAJA and RATU Acquire 5 Percent Stake in Kasuri Block and Genting FLNG Project
PT Rukun Raharja Tbk (RAJA), along with its subsidiary PT Raharja Energi Cepu Tbk (RATU), has forged a strategic partnership with Genting Berhad through the acquisition of a strategic interest in the natural gas development project and Indonesia’s first integrated Floating Liquefied Natural Gas (FLNG) facility.
The collaboration involves two interconnected transactions on the upstream and downstream sides.
On the upstream side, RATU signed a Farm-out Agreement (FOA) with Genting Oil Kasuri Pte. Ltd. (GOKPL) to take over a 5 percent participating interest in the Kasuri Block.
GOKPL and GLNG are indirect subsidiaries of Genting, holding 95 percent ownership.
The downstream acquisition is targeted for completion by the end of July 2026, following the signing of the shareholders’ agreement and fulfilment of other conditions in the SSPA.
The upstream acquisition, which depends on approval from SKK Migas and the Government of the Republic of Indonesia, as well as the completion of the downstream acquisition, is targeted for completion no later than February 2027.
RAJA’s President Director, Djauhar Maulidi, stated that the partnership with Genting represents an important step in the transformation and expansion of RAJA Group’s business.
“This strategic partnership with Genting is an important step in the journey of transforming and expanding RAJA Group’s business. This acquisition not only strengthens the Company’s business portfolio but also serves as the initial foundation for developing broader long-term partnerships in the integrated LNG sector,” said Djauhar in a press release on Monday (11/5/2026).
According to him, the Kasuri Block is one of the strategic projects with significant potential to support national energy resilience and the development of Indonesia’s LNG ecosystem.
The Kasuri Block is located in West Papua Province, and currently, all of its participating interest is owned by GOKPL.
The block has received approval from the Indonesian Government for the First Plan of Development for the Asap, Kido, and Merah (AKM) fields.
The AKM fields are designed to supply approximately 230 mmscfd of natural gas to the FLNG facility with a capacity of 1.2 mtpa over an operational period of about 18 years.
In addition to supplies for the FLNG facility, an additional 102 mmscfd of natural gas is allocated for domestic needs to support national energy resilience.
RAJA states that this acquisition of a 5 percent participating interest marks the initial step in building a long-term strategic partnership with Genting.
The company also indicates that both parties are currently exploring potential increases in participation and other strategic collaboration opportunities in the future.