Intelligence Brief · Indonesia · Palm Oil

DSI & DHE SDA
Intelligence Center

Track Danantara Sumber Daya Indonesia (DSI)— Indonesia’s national intermediary channelling natural-resource exports starting with palm oil — alongside DHE SDA retention rules, traceability implications, NDPE accountability, and supply-chain risk.

ActiveUnder ReviewPending ClarificationDraftUpdated Today
DSI Status
In Force
Danantara Press Release: D…
DHE SDA Status
In Force
PBI 5/2026
Effective Date
Jun 2026
Danantara Press Release: D…
Latest Update
Today
Press Release of the Minis…
Commodities
Palm · CPO · PKO
+ derivatives
Confidence
High
Public sources
01 / Snapshot
Latest Update Snapshot

Executive summary

Four lenses on the current state of DSI and DHE SDA, distilled from public regulation, official statements, and industry submissions.

Updated 24 Jun 2026
  • 1PP 24/2026 and Permendag 15–17/2026 establish DSI as the export channel for designated palm oil HS codes.
  • 2Danantara press release (5 Jun 2026): existing contracts continue if there is no under-invoicing; transition focuses on reporting, monitoring, digitalisation, and fair-pricing methodology.
  • 3Customs KMK 33/MK/BC/2026 auto-blocks 13 palm oil HS categories without PE or Surat Keterangan, making DSI the operational gateway in practice.
Sources
PP 24/2026Permendag 16/2026Danantara Press Release · 5 Jun 2026KMK 33/MK/BC/2026
02 / Tracker
Regulation Tracker

Interactive regulatory database

Live chronology of DHE SDA, DSI, and surrounding policy signals — each entry links back to the official source (Bahasa Indonesia) and an English reference.

Policy Evolution

DHE SDA & DSI — 2026 → 2018

Chronological layering of FX retention, special accounts, and the new state-led export channel.

2026
ANL-003
Active Signal
Press Release of the Minister of State Secretary
The Government Strengthens Market and Economic Actor Confidence Through Strategic Policies
ANL-002
Active Signal
Danantara Indonesia Press Release
Danantara Indonesia Successfully Issues USD 1.5 Billion in International Bonds, with Demand More Than Tripled
DSI-005
Active Signal
Danantara Press Release: DSI Mandate
Transition period, under-invoicing, digital monitoring
DSI-004
Active Signal
Press Release from the Ministry of Finance, DHE, SDA
Implementation of new DHE rules
DSI-006
To Verify
KMK No. 33/MK/BC/2026
List of HS Codes for palm oil derivatives whose export quantities are limited.
DHE-021
Active
PBI No. 5 Tahun 2026
The second amendment to PBI 7/2023
DSI-003
Active
Permendag No. 16 Tahun 2026
Export of strategic natural resources of palm oil
DSI-002
Active Signal
State Secretariat/Coordinating Ministry: Socialization of DHE & Natural Resource Export Management
Two pillars: DHE and BUMN Export
DSI-001
Active
PP No. 24 Tahun 2026
Strategic natural resource export governance
DHE-020
Active
PP No. 21 Tahun 2026
The third amendment to PP 36/2023
DHE-019
Active Amendment
PP No. 2 Tahun 2026
Second amendment to PP 36/2023
2025
DHE-018
Active Amendment
PBI No. 3 Tahun 2025
PBI adjustments for PP 8/2025
DHE-017
Active Amendment
PP No. 8 Tahun 2025
Retention changes
2023
ANL-001
Active
Kepmen ESDM Number 439.K/EK.01/MEM.E/2025
Basic Price Formula for Certain Types of Fuel Oil (JBT)
DHE-015
Active
PBI No. 7 Tahun 2023
PBI DHE and DPI
DHE-016
Active
PADG No. 4 Tahun 2023
BI technical instructions
DHE-014
To Verify
KMK No. 272 Tahun 2023
List of natural resource export goods
DHE-013
Active
PMK No. 73 Tahun 2023
Administrative sanctions after PP 36/2023
DHE-012
Active
PP No. 36 Tahun 2023
Major reformulation of DHE SDA
2022
DHE-011
Inactive
PBI No. 24/18/PBI/2022
The second amendment to PBI 21/14
2021
DHE-010
Inactive
PER-11/BC/2021
Changes in the implementation of sanctions
2020
DHE-009
Inactive
PBI No. 22/21/PBI/2020
Changes to PBI 21/14
DHE-008
Inactive
KMK No. 744/KM.4/2020
Revised list of natural resource items
DHE-007
Inactive
PER-03/BC/2020
Implementation of fines
2019
DHE-006
Inactive
PBI No. 21/14/PBI/2019
Integration of DHE and DPI
DHE-004
Inactive
PMK No. 98/PMK.04/2019
Administrative sanctions
DHE-005
Inactive
KMK No. 1523/KM.4/2019
List of natural resource export goods
DHE-003
Inactive
PBI No. 21/3/PBI/2019
Receipt of Natural Resources DHE
DHE-002
Inactive
PP No. 1 Tahun 2019
Initial regulation of DHE SDA
2018
DHE-001
Inactive
Economic Policy Package XVI
The beginning of strengthening foreign exchange earnings from natural resources
03 / Stakeholders
Stakeholder Impact

Who needs to act, and what they need to ask

Pertanyaan, dampak, dan langkah yang relevan untuk tiap aktor di rantai pasok sawit Indonesia — ditulis ulang per peran, bukan sekadar daftar seragam.

Bagi petani dan koperasi, DSI (Danantara Sumber Daya Indonesia) bukan sekadar urusan ekspor di pelabuhan — ia menyentuh siapa yang masih kelihatan saat TBS naik ke kapal. Pertanyaan paling jujur di lapangan biasanya pendek: nama kami masih ikut, atau tidak?

Key Questions
2
  • Apakah linkage ke mill masih bisa ditelusuri pembeli dan group parent setelah ekspor dikanalisasi DSI?
  • Premi ISPO/RSPO — masih nyambung ke kebun, atau berhenti di nasional?
Potential Impacts
4
  • Visibility ke pembeli internasional berisiko menyusut jadi klaim level negara, bukan level kebun.
  • Akses premi yang menempel di TTP bisa tergerus kalau data shipment ditahan.
  • Akuntabilitas group-parent mudah kabur di balik atestasi nasional.
  • Smallholder yang sudah susah payah ber-ISPO justru bisa kehilangan diferensiasi pasar.
Recommended Actions
2
  • Rapikan data plot GPS dan rekam ISPO supaya selalu siap diaudit kapan saja.
  • Dokumentasikan setiap pengiriman ke first-receiving mill — tanggal, volume, kendaraan — sebagai jejak independen di luar kanal DSI.
04 / Risk
DSI Risk Analysis

Risk tracker

Pilih regulasi di kiri untuk membandingkan dasar hukum, kerangka pelaksanaan, dampak, dan watchlist — semua dalam satu panel.

3 regulations

01·20 May 2026·Berlaku

PP No. 24 Tahun 2026

Strategic Natural Resource Commodity Export Governance

Risk · High75
Legal Basis

This regulation is based on Article 33 of the 1945 Constitution (UUD 1945), which mandates that strategic SDA are controlled by the state for the prosperity of the people. Its objectives are to optimize state revenue, maintain domestic supply, strengthen economic resilience, and increase product added value.

Execution Framework

Exports of strategic natural resource commodities, including coal, palm oil, and ferro alloy, will be managed through a State-Owned Export Enterprise during the transition period from 1 June to 31 December 2026. Business actors are required to submit export documents, sales contracts, and related data through integrated government systems such as CEISA, SINSW, INATRADE, SiMoDIS, and MOMS, while exemptions may be granted for companies with government-recognized commitments on investment, divestment, or domestic processing/refining.

DSI Impact

While the regulation aims to create a long-term structural shift by strengthening the state’s role in price-setting and accelerating domestic downstream processing, the current impacts are more transitional and operational. These include bureaucratic disruption, and uncertainty surrounding the evaluation of pre-existing private export sales contracts.

Legal Basis

This regulation is based on Article 33 of the 1945 Constitution (UUD 1945), which mandates that strategic SDA are controlled by the state for the prosperity of the people. Its objectives are to optimize state revenue, maintain domestic supply, strengthen economic resilience, and increase product added value.

Execution Framework

Exports of strategic natural resource commodities, including coal, palm oil, and ferro alloy, will be managed through a State-Owned Export Enterprise during the transition period from 1 June to 31 December 2026. Business actors are required to submit export documents, sales contracts, and related data through integrated government systems such as CEISA, SINSW, INATRADE, SiMoDIS, and MOMS, while exemptions may be granted for companies with government-recognized commitments on investment, divestment, or domestic processing/refining.

DSI Impact

While the regulation aims to create a long-term structural shift by strengthening the state’s role in price-setting and accelerating domestic downstream processing, the current impacts are more transitional and operational. These include bureaucratic disruption, and uncertainty surrounding the evaluation of pre-existing private export sales contracts.

Main Objects· 3
  • Strategic commodities including coal, palm oil, and ferro alloy.
  • Export management including the determination of selling prices, profit margins, commodity verification, logistics, and export insurance.
  • Existing contracts between suppliers and buyers
Last update · 16-Jun-2026
05 / Scenarios
DSI Scenario Analysis

Four scenarios for DSI and its impact on NDPE

For internal analysis, Earthqualizer uses four DSI scenarios. Each shifts the page's risk posture by a full band across traceability, NDPE accountability, and buyer due diligence.

Scenarios
Scenario 1

Transparent Back-to-Back Export Desk

Best case

DSI becomes the exporter of record, but every shipment carries an underlying-seller disclosure. The DSI contract with the overseas buyer cites the originating processor or refinery, the originating tank, the relevant mill list, TTM and TTP status where available, grievance status, and the supplier-group linkage.

Buyers retain look-through and audit rights. Blending is permitted only through a mass-balance ledger that can be reconciled to underlying shipments.

Impact

TTM remains intact. TTP is still feasible. NDPE group approach continues to operate. DSI becomes a fiscal and administrative layer rather than a traceability break.

Risk posture

Qualitative bands based on Earthqualizer analyst judgment, not a quantitative model.

LikelihoodLow likelihood
Business ImpactModerate
Traceability ImpactLow
NDPE ImpactLow
Buyer Due DiligenceLow
Functional Collapse of TTM

If Scenario 3 or 4 materialises

TTM will not disappear as a term, but it will disappear as an instrument of accountability. Processors can still claim internal TTM. DSI can claim national data. Buyers can claim Indonesian origin. But the link between buyer and mill is no longer testable in public or by an independent third party. This is the functional collapse of TTM, and it is the largest single traceability break that could appear in the Indonesian palm oil chain.

Diagnostic Questions
  1. 01Is the disclosure at shipment level?
  2. 02Can buyers access it under contract?
  3. 03Can the public test the mill list?
  4. 04Can a grievance be passed to processor and supplier group?
  5. 05Can a deforestation case be linked back to the buyer and contract?
  6. 06Can a third party independently audit the chain?

If any answer is “no”, DSI risks becoming the largest traceability break in the Indonesian palm oil chain.

06 / NDPE & Traceability
Centerpiece · NDPE & Traceability

What DSI does to the chain of custody

The current chain links buyer to plantation through observable, contractible relationships. A DSI layer is inserted between buyer and processor — its design determines whether that observability survives.

Current Chain

Buyer → Processor → Mill → Plantation

Buyer
Brand · Refiner · Trader
Processor
Refinery · Tank · Group
Mill
First-receiver · CPO/PKO
Plantation
Estate · Smallholder · Plot
TTM
Preserved
TTP
Preserved
Grievance
Preserved
With DSI Layer · Scenario 2

Limited Disclosure Export Desk

Buyer
Brand · Refiner · Trader
DSI
National Export Desk
Inserted
Processor
Refinery · Tank · Group
Mill
First-receiver
Plantation
Estate · Smallholder
TTM
Partial
TTP
Partial
Grievance
Unknown
Indicator Status

Six accountability indicators — under Scenario 2

PreservedPartialUnknownBroken
TTM PreservationPartial

Traceability to mill remains testable per shipment.

TTP FeasibilityPartial

Plot-level link survives where risk exists.

Group AccountabilityPartial

Supplier-group attribution stays intact.

Buyer Due DiligencePartial

Look-through and audit rights enforceable.

Grievance Pass-ThroughUnknown

Grievances reach processor and group.

EUDR CompatibilityPartial

Plot-level evidence available to competent authorities.

What buyers actually need

Shipment-level disclosure of underlying seller, mill list, and supplier group. Anything coarser cannot ground an EUDR risk assessment or an NDPE customer-facing claim.

Why DSI is a leverage point

Inserting an exporter of record between buyer and processor changes the contractual surface. Whether disclosure survives depends entirely on what DSI is required to share.

Where the line is

Scenarios 1 and 2 keep accountability alive. Scenarios 3 and 4 convert traceability into a sovereign claim, and the NDPE programme loses its operational basis.

09 / Action
Practical Action Center

What to do this quarter

Bukan checklist generik — ini hal-hal konkret yang sedang ditanyakan board, auditor, dan counterparty di tiap peran.

For
Growers

Petani plasma dan koperasi adalah pihak yang paling cepat kena imbas kalau mill langganannya tiba-tiba hilang dari mill list bulanan — tapi paling jarang dilibatkan saat aturannya disusun.

Watch closely
  • Pengumuman mill list bulanan dari refiner — kalau mill langganan hilang, TBS bisa ditolak dalam hitungan minggu.
  • Verifikasi ISPO dan status STDB di tingkat kebun, terutama untuk plot yang dulu masuk skema parsial.
  • Pergerakan harga TBS di tingkat provinsi setelah aturan DHE SDA 100% diberlakukan ke eksportir CPO.
Get ready
  • Rapikan polygon GPS per plot dan simpan dalam format yang bisa diserahkan ke auditor tanpa rework.
  • Susun protokol disclosure di tingkat koperasi: siapa yang berhak menjawab, data apa yang boleh keluar, ke siapa.
Do this quarter
  • Tunjuk satu liaison grievance di koperasi — bukan sekadar nomor WhatsApp, tapi orang yang tahu cara eskalasi ke mill.
  • Update polygon plot yang terakhir diperbarui sebelum 2024; banyak yang sudah tidak akurat setelah replanting.
  • Ajak auditor RSPO atau ISPO untuk pre-assessment, jangan tunggu audit formal.
  • Cek ulang kontrak jual TBS — beberapa mill mulai menambah klausul traceability sepihak.
Yang sering luput: koperasi kecil tidak punya kapasitas membaca SK Danantara, jadi info sampai terlambat lewat tengkulak.
Open growers playbook
For
Traders

Trader CPO dan turunannya kena dua pukulan sekaligus: 100% DHE SDA ditahan 12 bulan di sistem perbankan domestik, dan buyer EU mulai menuntut klausul look-through yang dulu tidak pernah ada.

Watch closely
  • Detail teknis penempatan DHE SDA — instrumen apa yang dianggap memenuhi syarat, dan bagaimana posisi FX-nya diakui.
  • Pergerakan counterparty: refiner mana yang konsisten publish mill list, mana yang masih telat dua bulan.
Get ready
  • Stress test cash flow dengan asumsi 100% retensi 12 bulan, bukan skenario 30/30 yang dulu — gap-nya signifikan untuk volume besar.
  • Siapkan template klausul look-through dan audit-right untuk kontrak baru; tim legal butuh waktu untuk review.
  • Petakan ulang routing logistik supaya bisa memisahkan volume EUDR-grade dari volume non-EUDR di tank dan kapal yang sama.
  • Bicara dini dengan bank soal hedging FX yang relevan untuk dana DHE yang ter-park 12 bulan — produk lama belum tentu cocok.
Do this quarter
  • Audit contract book yang berjalan: tandai kontrak yang tidak punya klausul force majeure regulatori — ini eksposur terbesar.
  • Brief treasury dan trade desk dalam satu sesi yang sama, jangan terpisah; banyak gap muncul di antara dua fungsi itu.
Asumsi paling berbahaya: menganggap aturan DHE akan dilonggarkan dalam 6 bulan. Treasury harus berasumsi sebaliknya.
Open traders playbook
For
Processors

Refiner dan processor adalah aktor yang paling kelihatan publik — mill list mereka jadi dokumen rujukan regulator, NGO, dan buyer sekaligus. Satu inkonsistensi bisa berimbas ke ribuan kebun di belakangnya.

Watch closely
  • Cadence publikasi mill list — kalau lebih dari 6 minggu tidak diupdate, asumsikan akan ditanya buyer EU.
  • Kewajiban disclosure tank-level yang sedang dibahas — sekali masuk regulasi, retrofit sistemnya tidak murah.
  • Routing grievance baru di bawah skema DSI — siapa yang menerima, siapa yang berkewajiban merespons.
  • Perubahan komposisi mill list pemain lain — pergeseran sourcing sering jadi sinyal awal masalah di hulu.
Get ready
  • Bangun pipeline mill list per shipment, bukan per bulan — buyer besar sudah minta granularitas ini.
  • Tetapkan SLA grievance publik (mis. acknowledge dalam 5 hari kerja, update tiap 30 hari) dan publikasikan.
  • Siapkan kapabilitas dual-reporting: format DSI untuk regulator domestik, format EUDR/CSDDD untuk buyer Eropa.
Do this quarter
  • Publikasikan mill list versi terkini minggu ini, walau belum sempurna — diam lebih merugikan daripada list yang masih ada catatannya.
  • Stand up grievance tracker yang bisa diakses publik, minimal dalam bentuk halaman statis.
  • Jalankan scenario test internal terhadap Skenario S2 dan S3 — kalau gagal di S2, S3 tidak perlu dibahas.
Refiner yang menunda publikasi karena "masih validasi internal" justru jadi target investigasi NGO duluan.
Open processors playbook
For
Buyers

Buyer di EU, UK, dan India menghadapi pertanyaan yang sama dari board: apakah supply chain kita masih defensible kalau DSI diinterpretasikan ketat? Jawabannya jarang langsung tersedia di tier-1 supplier.

Watch closely
  • Klausul look-through dan audit-right di kontrak supply yang akan renewal dalam 12 bulan ke depan.
  • Akses evidence di tingkat plot — bukan sekadar mill list, tapi polygon dan dokumen STDB.
Get ready
  • Rancang origin diversification yang realistis — bukan pindah origin total, tapi mengurangi konsentrasi ke satu refiner.
  • Bangun program verifikasi independen yang berdiri sendiri, tidak hanya bergantung pada self-declaration supplier.
  • Siapkan playbook untuk competent authority EUDR: dokumen apa yang dipegang, di mana, siapa narahubungnya.
Do this quarter
  • Masukkan klausul look-through ke setiap kontrak baru, dan minta amandemen untuk kontrak berjalan yang nilainya material.
  • Mulai engagement langsung dengan processor Indonesia, jangan hanya lewat trader — informasi yang sampai berbeda.
  • Brief board secara eksplisit soal eksposur ke Skenario S3 dan S4, dengan angka volume dan nilai, bukan narasi.
Open buyers playbook
10 / Modules
Geometrack Intelligence Modules

Open the underlying tools that power this brief

Each module surfaces the live data behind the DSI & DHE SDA Intelligence Center, purpose-built for sustainability, procurement, and ESG teams.

Live
Regulation Tracker

Live index of Indonesian palm oil regulation with status, lineage, and impact.

Open module
Live
Scenario Dashboard

Four-scenario DSI model with traceability, NDPE, and buyer DD scoring.

Open module
Live
Risk Heatmap

Probability × impact view across seven enterprise risk categories.

Open module
Beta
Processor Exposure Map

Refinery and tank-level exposure to EU and India buyer programmes.

Open module
Beta
Buyer Dependency Map

Brand and trader dependency on Indonesian volume by origin and grade.

Open module
Preview
TTM Vulnerability Assessment

Per-buyer scoring of mill-level traceability resilience under DSI.

Open module
Preview
Shipment Tracking

Cargo-level reconciliation of disclosure documents to physical flow.

Open module
Live
Landscape Priority Map

Deforestation-pressure landscapes ranked by buyer and processor reach.

Open module