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Track the Trillions.
Expose the Silence.

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.

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The Danantara Files

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

Strategic Projects Location Rp Triliun 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

Investment Sources

Project Partner Investment Notes
Amount (in billion USD) Amount (in Rp 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

Loan and Cash Financing Sources

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

Project List

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
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