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Source: MP3EI
Source : BPS
The Important of Sumatera’s Economic as growth
accelerator
Through MP3EI, will put Indonesia as
developed country the end of 2025 with
condition:
In order acceleration of economic growth and
distribution of infrastructure building, Sumatera has
highest GDP after Java, potentially to be developed
faster, in which expected as “National Economic gate
to market of Europe, Africa, South Asia, East Asia and
Australia.
Region Sharing for GDP
Income per capita: USD 14.250-USD 15.500
USD 4.0-4,5 Triliun GDP:
6,4%-7,5% in 2011-2014 &
8%-9% in 2015-2025
Economic growth is necessary:
The decline of inflation: 6,5% in 2011-2014 become
3% tahun 2025
0%
10%
20%
30%
40%
50%
60%
70%2007
2012
Sumatera Development would become growth accelerator that in line with
Acceleration of MP3EI Spirit
Sumatera has experienced continuous economic growth and its potential is
even higher, yet growth has been hampered by poor connectivity
• 23.8 % of Indonesia’s GDP is generated in Sumatra
• Average GRDP growth is 5% per year (BPS, 2008-2011)
• Production and processing center of natural resources
and The National Energy Reserves
Sumatera’s economy has grown rapidly…
Committed future investments in Sei Mengkei Special
Economic Zone are:
• IDR 3.74 Trillion in downstream palm oil sector
• IDR 2.45 Trillion in oleochemical industry
• IDR 537 Billion in fertilizer plants
There are large investment opportunities in palm
oil and coal downstream industry
…And its potential is even greater…
• Waiting times at 4 key ports in Sumatra is 3-4 days,
resulting in significant cost increases for exporters.
• Shipment cost by land transportation to Medan,
North Sumatera reaches IDR 10 million/TUE (double
the cost of container shipment from Tanjung Priok to
Belawan Port in Medan)
…But until now hampered by poor connectivity
Capital of Province/Economic Center
Rubber plantation area
Palm Oil Plantation area
Industry Cluster
Coal Mining area
Domestic Cruise Network
Rail way
Connecting line of Economic Center
Main Line to Exit Corridor
Existing Line
Port
Source: Masterplan for Acceleration and Expansion of Indonesia Economic Development 2011-2025
Pematang panggang
Kayu Agung
Betung
Jambi
Palembang
Terbanggi Besar
Rengat
Pekanbaru
Dumai
Rantau Prapat
Kisaran
Tebing Tinggi
Medan
Binjai
Langsa
Lhokseumawe
Sigli
Banda Aceh
Ind
rala
ya
Mu
ara
Enim
Ben
gku
lu
Sib
olg
a Pa
dan
g
Bu
kit
Tin
ggi
139
100
85
191
190
175
126
175
100
60
17
110
135
135
75
22
88
12
5
Lub
uk
Lin
ggau
9
5
18
5
55
20
0
Bakauheni
Koridor Utama
Koridor Pendukung
Trans Sumatera Toll Road Consist of Main Corridor (1.813 km) and
Supporting Corridor (795 km), 23 Segments Totally (2.608 km)
Length of Indonesia’s Toll Road during 35 years (1978-2013) is 742
km.
Competitiveness Index quality of road infrastructure in Indonesia
ranked 90 out of 146 countries. Logistic Performance Index ranked 59
out of 155 countries. Quality improvement of highway infrastructure is
needed to enhance the infrastructure competitiveness on free trade
era.
Construction of Trans Sumatra Highway, 2,608 km length, is an
integrated part of other infrastructure development programs. Some
toll roads have been tendered in 2005-2008, but did not get investors.
In an effort to accelerate of infrastructure development, the
government uses its authority to conduct toll road development,
through assignment to State Own Enterprise (BUMN) that are wholly
owned by the state.
Trans Sumatera Toll Road is Necessary, It Can’t Be Delayed...
...From the indicator, development of Trans Sumatera Toll Road can’t become discussion agenda only, it has to developed
as soon as possible.
The solution is needed to ensure Trans Sumatera project is developed according to the MP3EI target....
Assigntment*
Private Gov
BOT SBOT/HYBRID O&M/LEASE
Toll Road Development Scheme
√
EIRR >>> FIRR >>>
EIRR >>> FIRR Marginal
EIRR >>> FIRR <<<
Construction
O & M
√
√
√
√ √
√
√
√
√
Land Acquisition √
Private : Toll Road Company Gov : Government SOE : State Own Enterprise
EIRR >>> FIRR <<<
√
√
√
SOE
*) PP 43 /2013
Private Gov Private Gov
Illustration of Similar Context Where a Separate Government Entity
Model Have Been Preferred and Successfully Applied
Source : PU-BPJT, Presentasi di BKF bulan Februari 2013
Financial Feasibility (FIRR) of Trans Sumatera Still Low
Condition:
• IRR average is below
10% while IDR
commercial interest rate
is above 10%
• Projection of investment
cost is IDR 307 trillion
Phase 1 (2014-2018)
Economically:
• Land is free relatively
• Economic center
• Have been tendered but not successfull
Financally:
• Is the best segments traffically, so that potential for sales
the consession for spesific period;
• Sales result from phase 1 can be used for next phase
Phase 2 (2016-2020)
Economically:
• Connecting the economic central of phase 1
Financially:
• After phase 1 is developed, traffic phase 2 corridor will be
generated because of economic centers connectivity.
Tahap 3 (2019-2025)
• Trans Sumatera toll road as one network
Banda Aceh
Sibolga Dumai
Padang Jambi
Bakauheni
Bengkulu
Pekan Baru
Palembang
Kayu Agung
Terbanggi besar
Binjai Medan
Bandar Lampung
Batam
Hang Nadim
Batu Ampar
PHASE 1
PHASE 2
PHASE 3
Indralaya
No Segment KM 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
139 24 62 53
17 17
35 44 47
15 7
10 10 20 60
15 30 40
15 60 100
15 30 55
20 40
6 19
20 45 45 81
20 50 50 70
25 50 100
20 50 50 65
10 45
15 50 50 85
10 25 53
20 30 30 45
10 30 55
15 60
10 40 60
10 50 75
20 50 65
- 17 91 204 304
- - - 31 140 330 545
- - - - - - 30 215 530 1.053 1.514 1.759
- 17 91 235 444 634 879 1.064 1.379 1.902 2.363 2.608
126
4 Palembang-Indralaya 22
5 Terbanggi Besar-Pematang Panggang 100
1 Bakauheni-Terbanggi Besar
2 Medan-Binjai
3 Pekanbaru-Dumai
60
10 Batu Ampar-Bandara Hang Nadim 25
11 Betung-Jambi 191
85
7 Dumai-Sp. Sigambal-Rantau Prapat 175
8 Rantau Prapat-Kisaran 100
6 Pematang Panggang-Kayu Agung
9 Kisaran-Tebing Tinggi
Bukit Tinggi-Padang 55
16 Tebing Tinggi-Sibolga 200
190
13 Rengat-Pekanbaru 175
14 Pekanbaru-Bukit Tinggi 185
12 Jambi-Rengat
15
19 Lubuk Linggau-Curup-Bengkulu 95
20 Sigli-Banda Aceh 75
17 Indralaya-Muara Enim 88
18 Muara Enim-Lahat-Lubuk Linggau 125
Operation Lenght of Stage III (km)
Total Operation Lenght (km)
23 Lhokseumawe-Sigli 135
Operation Lenght of Stage I (km)
Operation Lenght of Stage II (km)
21 Binjai-Langsa 110
22 Langsa-Lhokseumawe 135
No Land Acquisition KM 2014 2015 2016 2017 2018
1 Stage I 304 29 177 98
2 Next Stage 2.304 484 668 1.152
2.608 29 206 788 1.456 2.608 Comulative
Development Phase of Trans Sumatera Toll Road, And Become a Road
Network in Sumatera
Business Scheme of Trans Sumatera Toll Road
Equity Debt
bridging finance
Shareholder Loan (SHL)
Gov. Inj Government guaranteed Corporate
bond & direct lending
Direct lending
SLA
Govnt. Injection
SLA
SPV
SOE
Multi Donor Fund
Investor
Local/Foreign Partner
Partner Commercial Loan
Other SOE
Foreign Partner
Local Parnter
Market
PIP, SMI etc
SOE Bank(s)
State budget
Governtment’s Loan
WB
JICA
ADB
Partner Equity
1
2
3
4
5
SOE
Government
Equity 30%
HK 21%
Partner 9%
Loan 70%
Source Of Fund Simulation: Phase I (4 Segments)
Govr.
Injection
6.481
Direct
Lending
10.980
Equity
Partner
2.777
Corporate
Bond
10.627
Investment Cost
(IDR Billion)
Debt Service
Coverage Ratio
ADSCR Min DSCR
1,2
3,6
1,9
2,7
0,7
0,2
0,6
-0,4
Ending Cash at the
lowest DSCR
Rp 381 Billion
Rp 11.989 Billion
Rp 44 Billion
Rp 8 Billion
3,4 0,3 Rp 15.822 Billion
Bakauheni - Terbanggi Besar
Pekanbaru – Dumai
Palembang – Indralaya
Medan – Binjai
Total
Segment
1,2 0,6 Rp 301 Billion
Selling Concesion
7 x EBITDA
Disburstment Investment Estimate
Source of Fund for 23 Segments exclude Land Acquisition
Equity : Rp 92,26 trillion (30%) Loan : Rp 215,37 trillion (70%) Total : Rp 307,53 trillion
Source of Fund for 4 Segments exclude Land Acquisition
Equity : Rp 9,26 trillion (30%) Loan : Rp 21,6 trillion (70%) Total : Rp 30,86 trillion
Financing of Medan – Binjai
Pinjaman
menggunakan
direct lending
KMK untuk memenuhi
kebutuhan operasi
setiap awal tahun
Cicilan pokok pinjaman
dengan tenor 25 tahun
& grace period 7 tahun
Pengembalian KMK
setiap akhir tahun
Succesfullness of Development Scheme depent on sinergy that
created by related Stakeholder
Indonesian Government
SOE as Toll Road Entreprises
Toll Road Entreprise or SPV
Equity Partner
Lender Institution
(Bilateral/Multilateral)
Financing Institution (Bank, Dana Pensiun, PT SMI, PT IIF)
Stakeholder Partisipation in Trans Sumatera Toll Road Development
• Giver assignment to SOE through “Peraturan Presiden”
• Giving Capital injection Support and Guarantee of primary loan and loan interest that
obtained by PT.Hutama Karya for investment required
• Accepting Assignment from Indonesian Government
• Making Toll Road Development Agreement with Toll Road Institution
• developing Toll Road directly or join with another enterprises
• Forwarding Government loan to Toll Road Enterprises of each segments
• SOE stand alone or joint with another enterprises to created consortium Toll Road
Enterprise than it will called Special Purpose Vehicle (SPV)
• SPV have charge to develop certain Toll road
• Supporting Trans Sumatera Toll Road development by giving capital support to Toll
Road Enterprise or loan with certain requirement and provision.
• Partner come from State owned Enterprise or Regionally Owned Enterprise or Private
Company local and international
• Giving soft loan (long maturity and low interest) to SOE based on Government
guarantee on primary loan and interest loan.
• Could be Bilateral or multilateral institution or another financing institution such as PIP
• Absorbing Corporate bond that issued by Toll Road Enterprise to investment required.
• Giving Capital work loan to operasional required
• Could be State Owned Bank, Comersial Bank, Pension Fund, PT. SMI, or PT. IIF
Benefits of The Development of Trans Sumatra Highway On The
Acceleration For Economic Development
Benefits of The Development of Trans Sumatra Highway , such as:
1. Reduce the cost products through cost savings logistics. Nationally, the cost of logistics charge against the product was
14 % ( 24 % of GDB ). In the end of 2025 ( MP3EI) is targeted to the cost of logistics <10 %. Logistic cost of Sumatra
between 15 % to 20 % ( source GPEI ). The infrastructure development is expected to reduce the logistics cost of
Sumatra <12 % to support the target MP3EI.
2. Refers to the average long-term elasticity of infrastructure development, it will increase the value of GDP between Rp 10
trillion to Rp 15 trillion per year or 0.13% up to 0.19% per year.
3. Increase government revenues as tax revenue
4. Creating job opportunities between 70 thousand to 138 thousand outside labor during the construction period.
EXIT 2 PEMULUTAN
EXIT 3 KTM
EXIT 4 SP. INDRALAYA
STA 21+930
STA 0+000 EXIT 1 PALEMBANG
Jln. Lintas Timur
Jln. Palembang – Indralaya (existing)
STA 12+000
TAHAPAN KETERANGAN STA JARAK
SECTION 1 PALEMBANG – PEMULUTAN 0+000 s/d 7+100 7 KM
SECTION 2 PEMULUTAN – KTM 7+100 s/d 12+000 5 KM
SECTION 3 KTM - SP. INDRALAYA 12+000 s/d 21+930 10 KM
STA 7+100
Betung
Kayu Agung
Jln. Lingkar Selatan Palembang
Jln Tol K.Agung - Betung
Jln Tol Plm - Indralaya
PALEMBANG – INDRALAYA
MEDAN – BINJAI
Semayang – Binjai 4,51 km
Helvetia -Semayang 4,95 km
Medan - Helvetia 7,64 km
Main Road = 17,1 km Access Road = 8,87 km
Binjai
Semayang Helvetia
Tj. Mulia
STA 5+920 STA 10+870 STA -1+720
STA 15+380
BAKAUHENI – TERBANGGI BESAR
Seksi III : Tegineneng –
Terbanggi Besar
Seksi II : Babatan - Tegineneng
Seksi I : Bakauheni -
Babatan
Jalan Tol Penghubun
g JSS
1. Access Sunda’s Strait Bridge : 11 km 2. Bakauheni – Babatan : 27 km 3. Babatan - Tegineneng : 59 km
4. Tegineneng - Terbanggi Besar : 42 km
PEKANBARU – DUMAI
Pekanbaru Minas Petapahan Kandis Duri 1 Duri 2 Dumai
9,25 Km 23,95 Km 17 Km 26,3 Km 29,925 Km 25,075 Km
Seksi III : Duri Utara - Dumai
Seksi I : Pekanbaru - Kandis
Seksi II : Kandis – Duri Utara
Pekanbaru Sta 0+000
Minas Sta 9+250
Petapahan Sta 33+200
Kandis Sta 50+200
Duri Selatan Sta 76+500
Duri Utara Sta 106+450
Dumai Sta 0+000
Duri Utara “ Sta 25+075
Sta 97+500
Rencana Jalan Tol Dumai – Sp. Sigambal – Rantau Prapat