Jakarta. Barito Pacific (IDX: BRPT) has invested about $4.5 billion, or 90% of its $5 billion capital expenditure over the past five years, in Indonesia, maintaining the country as its primary investment base while expanding across regional markets.

The conglomerate controlled by tycoon Prajogo Pangestu has focused its domestic investments on petrochemicals, renewable energy and electricity infrastructure, while using overseas assets to expand its market reach, diversify revenue streams and strengthen its business value chain.

“Expansion is not only aimed at driving business growth and scaling up operations, but also at strengthening our industrial base in Indonesia as a driver of downstream industry growth,” Barito Pacific Vice President Director Rudy Suparman said in a written statement on Monday.

Rudy said regional expansion provides the group with broader access to markets, expertise, financing and new revenue sources, with the benefits ultimately consolidated into Barito Pacific’s financial performance.

One example is Chandra Asri Group’s acquisition of Aster Chemicals and Energy in Singapore through its listed subsidiary Chandra Asri Pacific (IDX: TPIA), in partnership with Glencore.

Aster operates an energy and chemicals complex spanning more than 60 hectares, comprising a refinery with a capacity of 237,000 barrels of crude oil per day and an ethylene cracker capable of producing 1.1 million tons annually.

The acquisition gives Chandra Asri access to regional energy and petrochemical businesses while also supporting Indonesia’s domestic needs. Rudy said Aster could contribute to national energy security by supplying petroleum products, including gasoline, jet fuel, gas oil and bitumen, to domestic industries.

Petrochemicals Remain a Key Investment Focus
Barito Pacific is also expanding its domestic petrochemical operations through TPIA, which is developing a Chlor-Alkali and Ethylene Dichloride (CA-EDC) facility through Chandra Asri Alkali.

The project, valued at more than $800 million, had reached 72% construction progress as of July 2026 and is targeted to begin operations in 2027.

Chandra Asri has also begun preparing a feasibility study for the project's second phase, which is estimated to require around $1 billion in investment.

The CA-EDC facility is designed to increase domestic supplies of strategic chemicals, reduce reliance on imports and improve the reliability of caustic soda supplies for various industries.

The development is also expected to strengthen TPIA's petrochemical business integration, spanning raw materials through downstream products.

BREN Targets Geothermal Capacity Above 1,000 MW
Beyond petrochemicals, BRPT is expanding its renewable energy investments through Barito Renewables Energy (IDX: BREN), whose installed geothermal capacity reached 926 megawatts after completing the Wayang Windu retrofit in the first quarter of 2026.

Several projects remain under development, including the 40 MW Salak Unit 7, the 30 MW Wayang Windu Unit 3 and a 7 MW retrofit at Darajat Unit 3. The additional capacity is expected to push BREN's geothermal capacity above 1,000 MW by the end of 2026.

BREN also operates wind power assets, bringing its total renewable energy capacity to around 1,005 MW, according to the company.

The electricity business provides the group with a different revenue profile from petrochemicals. While petrochemical earnings are more exposed to price and margin cycles, power generation offers more recurring revenue through electricity sales contracts.

Barito Pacific Revenue Jumps 76.1%
The group's expansion over the past several years has significantly increased its business scale. In the first half of 2026, BRPT recorded consolidated revenue of $5.69 billion, up 76.1% from $3.23 billion in the same period last year. EBITDA reached $1.08 billion.

However, net profit after tax fell 70% to $518 million, while net profit attributable to owners of the parent declined 64.8% to $190 million.

The declines followed BRPT's exceptionally high net profit of $1.62 billion in 2025, which was partly influenced by its business transformation and accounting impacts from the Aster transaction.

As of the end of June 2026, BRPT's total assets stood at $18.95 billion, up 9.2% from the end of 2025. Total debt reached $8.12 billion, with a net debt-to-equity ratio of 0.76 times.

The group's balance sheet had already expanded substantially in 2025, when total assets rose 64.7% year-on-year to $17.35 billion. Full-year revenue surged 220% to $7.63 billion.

Indonesia Remains at the Center of BRPT's Business
Rudy emphasized that overseas expansion would not displace Indonesia as the center of Barito Pacific's operations.

Regional assets, he said, provide additional market access, revenue streams, expertise and financing capabilities that can strengthen the group's domestic businesses.

BRPT also has exposure to electricity infrastructure through the Jawa 9 and 10 power plants, developed alongside Indonesia Power. Each plant has a capacity of 1,000 MW.

With its expanding portfolio, Barito Pacific now operates across petrochemicals, renewable energy, electricity infrastructure and regional energy and chemicals assets.

Despite its broader international footprint, the majority of the group's capital expenditure over the past five years has remained in Indonesia, supporting its strategy of using regional expansion to strengthen domestic operations.

“This business model positions Barito Pacific as an Indonesian company with a multinational reach. Cross-border expansion is intended to increase our scale and sources of growth, while Indonesia remains the center of control, consolidation, investment and long-term value creation,” Rudy said.

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