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Russia Will Stick To The OPEC Deal

Russia Will Stick To The OPEC Deal

Russia’s energy minister has emphasized…

Indonesia And UAE Talk $5 Billion Energy Partnership


Talks between Indonesia and the United Arab Emirates could bring the launch of a $5 billion energy project, according to news from a recent meeting between Indonesian President Joko Widodo and UAE Energy Minister Suhail Mohammed Faraj Al Mazrouei.

"We know that currently the world energy market is undergoing some transformation. Of course, changes have been made with sustainable and renewable energy," the president said at the Merdeka Palace in Jakarta on Thursday.

Currently, the value of the UAE’s investments in Indonesia amounts to $2 billion, according to Arcandra Tahar, deputy energy and mineral resources minister.

The UAE officials recommended that Indonesia begin investment protection before sealing any bilateral international agreement. Al Mazrouei also requested tax incentives that would prevent double taxation for the UAE’s investments in Indonesia. Masdar, a UAE-based clean energy company, is also interested in working in the island nation.

"We are also talking about Masdar, a company from the UAE, who wants to invest in renewable energy, including PLTS, solar power plants," Tahar confirmed, adding that the green company had been in talks with government-run electric firm PLN. "In addition, we also suggested that it would be good if investment in Indonesia is made in cooperation with local companies, so that cooperation will be mutually beneficial.”

Indonesia is currently producing some 800,000 barrels of crude daily – about half of what it consumes. That number is expected to soon surpass 1 million bpd, to reduce the country’s dependence on imports, which this month are estimated to have reached 8.4 million, through the $200 billion in oil investment the country plans to attract. Over the first quarter, Indonesia’s average monthly import rate was 10.55 million barrels.

By Zainab Calcuttawala for Oilprice.com

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