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Trans Sumatera: Connecting the Future of Indonesian in the West

Trans Sumatera - leadergroupindo.comleadergroupindo.com/image/data/bus/Trans Sumatera.pdf · 18 Muara Enim-Lahat-Lubuk Linggau 125 Operation Lenght of Stage III ... • Could be Bilateral

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Trans Sumatera: Connecting the Future of Indonesian in the West

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 Trans Sumatera Toll Road

Keseluruhan 23 Ruas

4 Ruas Tahap I

Financing of Bakauheni – Terbanggi Besar

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

Financing of Palembang – Indralaya

Financing of Pekanbaru – Dumai

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