Indonesia is set to see at least $7 billion in new investment in the petrochemical sector in the next three years as the domestic industry tries to keep pace with rising demand, according to an industry association.
Indonesia is getting closer to securing supply of 300,000 barrels of oil per day from resource-rich Iraq after high-ranking officials from both countries met in Bali on Tuesday.
The Indonesian government has high hopes that ongoing discussions on a comprehensive economic partnership agreement with South Korea will encourage investment through special arrangements, according to government officials.
UBS Securities Indonesia, the local outfit of Zurich-based investment bank UBS, says the bumper year the industry enjoyed in 2013 is unlikely to be repeated this year as the US Federal Reserve finally begins tapering its bond-buying program.
Three coal contract of works holders in Indonesia have agreed to the six points that are the subject of contract renegotiations with the government, Energy and Mineral Resources Minister Jero Wacik said.
State energy company Pertamina is eyeing more acquisitions in both the domestic and overseas markets, as it seeks to boost business and make strides in its effort to become a world-class energy company.
The government has yet to decide on whether it will grant a request for a contract extension for overseas companies to operate the gas-rich Masela block, which is located off the coast of Maluku.
The Indonesian government will defend its mining policy and is ready to make explanations in order to avoid the need to go to the World Trade Organization’s dispute-settlement body.
State-controlled gas distributor, Perusahaan Gas Negara, recorded a 3.4 percent drop in profit last year due to rising costs.