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Global Economy Throwing Up Red Flags For Oil

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Investors are feeling increasingly gloomy…

China to Invest $17 Billion in Indonesian Hydroelectric Projects

After a meeting with Xia Zhong, the vice president of China’s state-owned utility firm China Power Investments (CPI), Jero Wacik, the Indonesian Energy and Mineral Resources Minister was pleased to announce that CPI would be help to develop a series of hydroelectric power plants in the Indonesian province of North Kalimantan.

The plans that have so far been outlined consist of a $17 billion investment to launch the development of a line of hydropower projects with construction expected to start as soon as next year.

The hydropower station, which according to Wacik will be built “gradually over seven years,” will be designed to have a generating capacity of 7GW, and be situated on the Kayan river.

Related article: Brazil’s Belo Monte Dam, Bad Idea?

CPI will be asked to use local Indonesian companies and sub-contractors in order to provide the largest possible economic boost to the region. Wacik stated that “this investment should also be creating jobs.”

Indonesia currently has about 70% electrification according to the state utility firm PT PLN, and with an economy growing at a little over 6% a year, and a middle class population that is expected to grow from 45 million to 135 million by 2030, PLN also expects electricity demand to increase by 10% a year.

CPI views Indonesia a good market, and wants to take advantage of its growth over the next few decades.

By. Joao Peixe of Oilprice.com


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