PTBA - Forges partnership to develop gasification tech with BRIN

PTBA - Forges partnership to develop gasification tech with BRIN Bukit Asam (PTBA) forges partnership with National Research and Innovation Centre (BRIN) to carry out study and develop technology on energy and industry for coal downstreaming project. The partnership is aimed at generating downstreaming output ready for commercial purpose. This also enables both entities to access broader research facilities and other supporting infrastructures (Source : Kontan) Comment : We see the partnership reflects company's commitment to continue its downstreaming program as it aims to transform the business into energy and chemical company in a long-run. The complex technology conversion from coal to gasification should be a concern to involve BRIN in the post-exit of Air Products and Chemical. Furthermore, we also view the DME project realization should operate commercially in the mid to long term.