Unverified Draft Regulation: Strategic Commodity Exports via State-Owned Enterprises

Disclaimer. This article describes a draft Government Regulation (Rancangan Peraturan Pemerintah) that began circulating among commodity businesses on 20 May 2026. The draft is unsigned and has not been officially confirmed or published. CRPG cannot verify its authenticity, nor whether any final text — if one is issued — will match the circulating version. Everything below describes the circulating draft only and should not be treated as enacted law.

A draft Government Regulation that would require exports of certain strategic natural-resource commodities — beginning with coal and palm oil — to pass through a state-owned enterprise has been circulating among commodity businesses since 20 May 2026. The draft is titled Peraturan Pemerintah Republik Indonesia Nomor ... Tahun 2026 tentang Tata Kelola Ekspor Komoditas Sumber Daya Alam Strategis Melalui Badan Usaha Milik Negara ("Governance of Strategic Natural Resource Commodity Exports through State-Owned Enterprises"). Its regulation number and date are blank, and President Prabowo Subianto has not signed it.

What the draft proposes

The circulating text would create a framework under which exports of designated strategic commodities may be conducted only through a state-owned enterprise (Badan Usaha Milik Negara, or BUMN). Key elements visible in the draft:

• Strategic commodities. Article 2 identifies "Strategic Natural Resource Commodities" as (a) coal, (b) palm oil, and (c) other strategic commodities to be designated later.
• BUMN Ekspor. The draft defines a BUMN Ekspor as a state-owned enterprise that receives a special government assignment (penugasan khusus) to carry out the export of strategic commodities. Article 3 provides that strategic commodities may be exported only by a BUMN Ekspor.
• Designating further commodities. Additional commodities may be added by the government through a ministerial decision following a coordination meeting (rapat koordinasi) chaired by the Coordinating Minister for Economic Affairs or the Coordinating Minister for Food, attended by the relevant ministers and non-ministerial agency heads. The designation is then formally set out by the minister responsible for trade.
• Definition of BUMN. Consistent with the State-Owned Enterprises Law, the draft defines a BUMN as an enterprise whose capital is wholly or majority-owned by the State through direct participation, or in which the State holds a special right.

According to news coverage of the leaked draft, exclusive channelling of strategic-commodity exports through a BUMN Ekspor would take full effect after 31 December 2026.

The laws the draft is built on

A Government Regulation (Peraturan Pemerintah) in Indonesia is issued by the President to implement a law; it must rest on an existing statutory basis and cannot stand on its own. The circulating draft is a new, standalone regulation — it does not amend any existing law. Its Mengingat (legal basis) clause cites the following instruments:

The draft cites the BUMN Law "as amended several times, most recently by Law No. 16/2025." The immediately preceding amendment was Law No. 1/2025 (the Third Amendment). All five instruments were located in CRPG's regulation database, and the draft's citation chain is internally consistent.

How the draft relates to existing law

Two statutory frameworks underpin the draft.

The State-Owned Enterprises Law (UU 19/2003, as amended). This law defines what a BUMN is and allows the government to assign specific tasks to state enterprises (penugasan). The draft's BUMN Ekspor — a state enterprise carrying a special export assignment — is constructed within this framework. The BUMN Law was substantially revised in 2025: Law No. 1/2025 (third amendment) and Law No. 16/2025 (fourth amendment, in force since 6 October 2025), the latter restructuring BUMN governance, including the relationship between the BUMN regulator and the BPI Danantara investment holding.

The Trade Law (UU 7/2014, as amended by UU 6/2023). This law governs domestic and foreign trade, including export regulation and the government's authority over export policy. The draft assigns the trade minister the role of formally designating which commodities fall within the strategic-export regime.

The draft also sits alongside other recent natural-resource export measures. In particular, PP No. 8/2025 amended the rules on retention of export proceeds (Devisa Hasil Ekspor from natural resources), requiring natural-resource exporters to keep 100% of export foreign exchange in the domestic financial system for 12 months. PP 8/2025 is not cited by the circulating draft, but it forms part of the same broader policy direction of tightening State oversight of strategic-commodity export flows. Its text is available at peraturan.bpk.go.id/Details/314625.

A reported operating vehicle: PT Danantara Sumberdaya Indonesia

On 19 May 2026 — one day before the draft regulation began circulating — a company named PT Danantara Sumberdaya Indonesia was incorporated. Katadata reported its formation on 20 May 2026, framing it as a vehicle intended to handle mineral and coal (minerba) exports through a single window ("satu pintu").

Details reported about the company:

• Formation. It was established not by a Government Regulation but by an ordinary corporate registration, ratified by a Ministry of Law decree, AHU-0039765.AH.01.01.Tahun 2026. Its business classification is KBLI 64200 (activities of holding companies).
• Ownership. Its shares are held by PT Danantara Investment Management (Series A) and PT Danantara Mitra Sinergi (Series B) — placing it inside the Danantara group rather than under direct State ownership. Issued capital is reported at Rp100 million.
• Management. Luke Thomas Mahony is listed as director and Harold Jonathan Dharma Tj as commissioner.

On the question of the company's founding "statute": PT Danantara Sumberdaya Indonesia has no dedicated founding regulation. As a company, its constitutive document is its Anggaran Dasar (articles of association) within its deed of establishment, ratified by the Ministry of Law decree above — a corporate document, not a publicly issued regulation. The wider Danantara group from which it descends does rest on public instruments: UU No. 1/2025 (the Third Amendment to the BUMN Law and the legal basis for Danantara) and PP No. 10/2025 on the Organisation and Governance of the Daya Anagata Nusantara Investment Management Body (BPI Danantara).

It should be stressed that no official source has confirmed a connection between PT Danantara Sumberdaya Indonesia and the circulating draft regulation. The company's reported one-window minerba-export mandate runs parallel to the draft's BUMN Ekspor concept, and the two surfaced within a day of each other — but whether this company is the intended BUMN Ekspor, or whether it would meet the draft's definition of a BUMN, has not been established.

Status and what to watch

As of 20 May 2026:

• The draft is not signed and has not been issued; its regulation number and date fields are blank in the circulating version.
• Asked about the draft, several cabinet ministers — Energy Minister Bahlil Lahadalia, Investment Minister Rosan Roeslani, and Finance Minister Purbaya Yudhi Sadewa — declined to confirm details, pointing to a forthcoming presidential announcement.
• News coverage links the initiative to a planned National Export Board and a "Strategic National Commodity Platform" expected to feature in the President's address on the 2027 macroeconomic framework and fiscal-policy points (KEM-PPKF).

CRPG will update this article if an official text is published.

Sources

News coverage

• CNBC Indonesia, "Beredar Draf Rencana Pembentukan BUMN Khusus Ekspor Batu Bara Cs" (20 May 2026) — cnbcindonesia.com
• InfoSawit, "Pemerintah Siapkan Badan Ekspor Nasional, CPO dan Batu Bara Jadi Target Awal" (20 May 2026) — infosawit.com
• Katadata, "Danantara Sumberdaya Indonesia Resmi Dibentuk Urus Ekspor Minerba Satu Pintu" (20 May 2026) — katadata.co.id
• Sekretariat Negara, "Presiden Prabowo Tandatangani Tiga Produk Hukum Strategis Investasi Nasional" — setneg.go.id

Official regulations (JDIH BPK)

• UU No. 19/2003 on State-Owned Enterprises — peraturan.bpk.go.id/Details/43919
• UU No. 1/2025, Third Amendment to the BUMN Law — peraturan.bpk.go.id/Details/314622
• UU No. 16/2025, Fourth Amendment to the BUMN Law — peraturan.bpk.go.id/Details/330668
• UU No. 7/2014 on Trade — peraturan.bpk.go.id/Details/38584
• UU No. 6/2023 on the Job Creation Law — peraturan.bpk.go.id/Details/246523
• PP No. 8/2025 on Retention of Natural-Resource Export Proceeds — peraturan.bpk.go.id/Details/314625
• PP No. 10/2025 on the Organisation and Governance of BPI Danantara — peraturan.bpk.go.id/Details/314627