A US$1 trillion SWF need public oversight, sustainable investment roadmap and independent monitoring.
It’s time to expose how trillions in public assets are being moved with little oversight, under the name of Danantara.
A closer look at the state-owned giants placed under Danantara’s control—who controls what, how much is at stake, and what the public still doesn’t know.
| Strategic Projects | Location | IDR Trillion | Workforce | Link |
|---|---|---|---|---|
| DME Industry (Coal) | Bulungan, Kutai Timur, Kota Baru, Muara Enim, Pali, Banyuasin | 164 | 34.800 | |
| Oil Refinery | Lhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak | 160 | 44.000 | |
| Oil Storage Tanks | Lhokseumawe, Sibolga, Natuna, Cilegon, Sukabumi, Semarang, Surabaya, Sampang, Pontianak, Badung (Bali), Bima, Ende, Makassar, Donggala, Bitung, Ambon, Halmahera Utara, Fakfak | 72 | 6.960 | |
| Alumunium Smelter Industry (Bauxite) | Mempawah, Kalimantan Barat | 60 | 14.700 | |
| Stainless Steel Slab Industry (Nickel) | Kawasan Industri Morowali, Sulawesi Tengah | 38,4 | 12.000 | |
| Integrated Solar Module (Bauxite & Silica) | Kl Batang Jawa Tengah | 24 | 19.500 | |
| Copper Rod, Wire & Tube (Copper Cathode) | Gresik, Jawa Timur | 19,2 | 9.700 | |
| Iron and Steel Industry (Iron Sand) | Kabupaten Sarmi, Papua | 19 | 18.000 | |
| Chemical Grade Alumina Industry (Bauxite) | Kendawangan, Kalimantan Barat | 17,3 | 7.100 | |
| Chlor Alkali Plant Industry (Salt) | Aceh, Kalimantan Timur, Jawa Timur, Sumsel, Riau, Banten, NTT | 16 | 33.000 | |
| Bio-jet Fuel Industry (Used Cooking Oil) | KBN Marunda, Kl Cikarang, Kl Karawang | 16 | 10.152 | |
| Manganese Sulfate Industry (Manganese) | Kupang, NTT | 3,1 | 5.224 | |
| Oleood Industry (Palm Oil) | KEK Maloy Batuta Trans Kalimantan Timur (MBTK) 3 | 3 | 4.800 | |
| Industry for Nata de Coco (Coconut) | Ki Tenayan, Riau | 2.3 | 22.100 | |
| Oleoresin Industry (Nutmeg) | Kabupaten Fakfak, Papua Barat | 1,8 | 1.850 | |
| Asphalt Industry (Buton Asphalt) | Buton, Sulawesi Tenggara | 1,5 | 3.450 | |
| Tilapia Fillet Industry (Tilapia Fish) | Banten, West Java, Central Java, East Java | 1 | 27.600 | |
| Carrageenan Industry (Seaweed) | Kupang, NTT | 0,2 | 1.700 | |
| Co-Generation Geothermal Project (45 MW) | Ulubelu (Lampung), Lahendong (North Sulawesi) | 2,7 (early investment) | 2.750 | |
| Chlor Alkali – Ethylene Dichloride Factory by PT Chandra Asri Pacific Tbk | Cilegon (Banten) | 13 | 3.250 | |
| Indonesian Hajj village investment in Saudi Arabia | Makkah (Arab Saudi) | unknown | unknown | |
| Takeover of Jakarta-Bandung High-Speed Rail debt | Jakarta, Bandung (West Java) | 81,2 (estimated) | 15.487 | |
| Loan to PT Garuda Indonesia (Persero) Tbk | Jakarta | 6,65 | 4.502 | IDX document |
| Purchasing unsold sugar in PG Assembagoes through PT Sinergi Gula Nusantara *unconfirmed | East Java | 1,5 | unknown | |
| Revitalising 20.413,25 hectares of fishponds | North Coast of Java | 26 | unknown | |
| Acquisition of nickel smelter GNI *still under review | Central Sulawesi | 325 (estimated) | 12.000 | |
| Investments in combined-cycle gas turbines, green hydrogen, and water desalination projects in partnership with ACWA Power | unknown | 164,8 | unknown | |
| High-pressure acid leach plant (HPAL) with PT Vale Indonesia and China’s GEM | Sulawesi | 23 (US$1,42 billion) | ||
| Acquisition of high pressure acid leach plant with French miner Eramet SA; the plant is owned by Chinese firm Zhejiang Huayou Cobalt Co. *unconfirmed | North Maluku | unknown | unknown | Bloomberg News |
| Waste-to-energy projects | 10 cities in the first phase, including Tangerang, Jakarta, Bandung, Yogyakarta, Semarang, Surabaya, Bali, Makassar; 33 in total | 91 | unknown | finance.detik.com |
| Project | Partner | Investment | Notes | ||||
|---|---|---|---|---|---|---|---|
| Amount (In Billion USD) | Amount (In IDR Trillion) | Type | Interest | Term | |||
| Downstream industry, renewable energy, healthcare, and priority sectors in Indonesia’s economic transformation agenda | Qatar Investment Authority (QIA) | 2 | Joint Investment Fund | US$ 2 billion from QIA and US$ 2 billion from Danantara, total US$ 4 billion | |||
| Future Fund of Australia | unknown | unknown | Australia expresses support for Danantara Indonesia’s membership in the International Forum of Sovereign Wealth Funds (IFSWF) | ||||
| Healthcare, consumer, infrastructure, natural resources, data centers and technology sectors | China Investment Corporation (CIC) | unknown | unknown | MoU Signed | |||
| Decarbonization, circular economy, including renewable energy, electricity transmission, water and waste management, and sustainable digital infrastructure such as green data centers and healthcare | Japan Bank for International Cooperation (JBIC) | unknown | unknown | MoU Signed | Press release (July 10, 2025) | ||
| Renewable energy generation, combined cycle gas turbines, green hydrogen and water desalination. | ACWA Power | 10 | MoU Signed | Partnership announcement | |||
| Chlor-Alkali dan Ethylene Dichloride plant development | Chandra Asri Group | 0.8 | MoU Signed | Project phase & capacity details | |||
| Advanced manufacturing and food security | Russia Direct Investment Fund (RDIF) | 2.3 | Joint Investment Platform | ||||
| High-pressure acid leach plant (HPAL) | PT Vale Indonesia, China’s GEM | 1.42 | Heads of Agreement Signed | Bloomberg coverage | |||
| Investment opportunities in infrastructure, urban development, transport, energy transition, digital, and technology-driven sectors. | Jordan Investment Fund (JIF) | unknown | unknown | MoU Signed | Structured collaboration on strategic investment opportunities across the Hashemite Kingdom of Jordan. | ||
| Funding Source | Nominal | Description | Latest Update | Source | |
|---|---|---|---|---|---|
| USD (Billion) | IDR (Trillion) | ||||
| Foreign funding | 10 | 163 | Syndicated loans from international banks in Qatar, Russia, China, and Australia | US$3 billion reportedly to be disbursed to fund, among others, PT Chandra Asri Pacific Tbk’s Chlor Alkali – Ethylene Dichloride plant worth Rp13 trillion | Reuters |
| Intital government investment | 20 | 326 | State savings and optimization of the national budget (APBN) | Tempo | |
| SOE Dividen | 200 | Annually | Rp50 trillion originated from state-owned banks (Himbara) | CNN Indonesia | |
| Patriot Bond | 50 | Danantara issued two tranches, Serie A (Rp25 trillion, 2% p.a., 5 year) and Serie B (Rp25 trillion, 2% p.a., 7 year), to be used for waste-to-energy projects | Danantara has planned to issue Patriot Bond II and global bonds in 2026 | bisnis.com | |
| No. | Project Name | Planned Output | Targeted Partner |
|---|---|---|---|
| 1 | Airline business restructuring | Improved performance of Garuda Indonesia and Citilink | Garuda Indonesia, Citilink |
| 2 | Steel manufacturing business restructuring | Improved performance of Krakatau Steel | Krakatau Steel |
| 3 | High-speed train business restructuring | Improved Jakarta-Bandung High Speed Railway performance | Jakarta-Bandung High Speed Railway |
| 4 | Insurance business restructuring | Improved insurance business performance | Insurances, including Askrindo, Jamkrindo, Asabri, and others |
| 5 | Construction state-owned enterprises business consolidation | Integrasi BUMN Karya. Yang tidak sehat akan disehatkan oleh Danantara dengan merge, kajian sedang disiapkan | Wijaya Karya, PP, Hutama Karya, Waskita Karya, Adhi Karya, Brantas Abipraya, Nindya Karya |
| 6 | Fertilizer business consolidation | Subsidies are more targeted at helping farmers | Pupuk Indonesia |
| 7 | Hospital business consolidation | Merged hospitals, developing healthcare facilities and research centers | The Sanur, IHC |
| 8 | Hotel business consolidation | Merged hotels under various state-owned business | |
| 9 | Sugar business consolidation | PTPN | |
| 10 | Downstream oil business consolidation | Improved Pertamina’s downstream business, reduced subholdings | Pertamina |
| 11 | Insurance business consolidation | Merged 16 state-owned insurance companies into three entities | |
| 12 | Asset management business consolidation | ||
| 13 | Industrial estate business consolidation | ||
| 14 | Merah Putih Cooperative business development | PT Danantara Asset Management supports government policies in Merah Putih Cooperative | Merah Putih Cooperative |
| 15 | Food business development | ID FOOD, Agrinas | |
| 16 | Electric vehicle battery business development | Integrated EV ecosystem by Antam, IBC, CATL, Brunp, and Lygend | |
| 17 | Pharmaceutical business development | Strategic investments, strengthening pharmaceutical raw materials industry | Biofarma, Kimia Farma |
| 18 | Cement business development | Semen Indonesia | |
| 19 | Sharia banking business development | ||
| 20 | Telecommunications business development | Telkom Indonesia | |
| 21 | Shipyard business development | PT PAL Indonesia and others | |
| 22 | Designing the governance of PT Danantara Asset Management |
| Project | Time | Location | Partner | Type | Cost (in million USD equivalent) | Notes | Information Link |
|---|---|---|---|---|---|---|---|
| 15,000 housing project for Sumatra Disaster Relief | January 2026 | Aceh, North Sumatra, and West Sumatra | Hutama Karya, Waskita Karya, PP, Nindya Karya, Adhi Karya | CSR | 60 | 1 USD = 16,704.11 IDR | Kompas TV |
| Hajj Village | December 2025 | Makkah | Thakher Development Company | Investment | 500 | A total of $2 billion will be needed | Jakarta Globe |
| Citicore Renewable Energy Corporation (CREC) | June 2025 | Philippines | Pertamina NRE | Investment | 120 | Acquiring a 20% stake at Citicore Renewable Energy Corporation (CREC) | IDN Financials |
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