jfid– Prajogo Pangestu, founder and owner of Barito Pacific Group, is now the 27th richest person globally, according to Forbes Real-Time Billionaires. His wealth surged by Rp130 trillion in the last month, credited to the outstanding performance of his petrochemical and energy companies.
Born Phang Djoen Phen in Bengkayang, West Kalimantan on May 13, 1944, Prajogo Pangestu is an Indonesian entrepreneur who started his business in the timber sector.
In 1979, he established Barito Pacific Timber, which later evolved into Barito Pacific Group, a conglomerate involved in various sectors such as petrochemicals, real estate, plantations, oil and gas, coal and gold, as well as geothermal.
As of November 29, 2023, Forbes data indicates Prajogo Pangestu’s net worth at US$41.9 billion or approximately Rp644.7 trillion (exchange rate Rp15,400 per US dollar).
This marks an increase of US$8.5 billion or Rp130.9 trillion from the previous month when he held the 38th position with a wealth of US$33.4 billion or Rp513.8 trillion.
The surge in Prajogo Pangestu’s wealth is attributed to the rise in the stock prices of his companies, especially in the petrochemical and energy sectors.
One of his flagship companies is Chandra Asri Petrochemical (TPIA), Indonesia’s largest petrochemical producer, with its shares rising by 40.6% in the last month.
Barito Pacific Group holds a 59.9% stake in TPIA, which currently has a market capitalization of Rp233.8 trillion.
In addition to TPIA, Prajogo Pangestu also holds shares in Star Energy Group Holdings, the largest geothermal company in Southeast Asia, operating three geothermal fields in West Java: Wayang Windu, Salak, and Darajat.
Star Energy Group Holdings recently signed a cooperation agreement with Pertamina Geothermal Energy to develop a geothermal project on Mount Lawu, Central Java, with a capacity of 110 megawatts.
Prajogo Pangestu is also involved in the oil and gas business through Star Energy Oil and Gas, holding participation rights in Kakap Natuna Block, Karimun Block, and West Madura Offshore Block.
Additionally, he owns shares in Indo Raya Tenaga, a coal-fired power generation company currently constructing two units of PLTU Jawa 9 and 10 in Banten, with a capacity of 2,000 megawatts.
