According to Taiwan's Deputy Minister for Economic Affairs Sheng-Chung Lin, Taiwanese companies plan to buy more Indonesian coal and natural gas.
Lin told journalists, "Indonesia is one of Taiwan's most important supply sources of oil, gas and coal. We want to increase our purchases of coal," The Jakarta Globe reported.
Taiwan is currently Indonesia's fifth-biggest coal export market, after China, Japan, South Korea and India and Taiwan's third-biggest overseas investment destination, along with being its 11th largest trading partner. According to Gde Pradnyana, spokesman for BP Migas, Indonesia's state regulator for oil and natural gas production, Taiwan is now Indonesia's third largest export market for liquefied natural gas from East Kalimantan's Bontang plant. Indonesia is now the world's second largest liquefied natural gas exporter after Qatar. Indonesia also sells liquefied natural gas to China.
During the period January-August 2011 bilateral trade between Indonesia and Taiwan grew 24 percent to $8.3 billion compared to the same period a year earlier, according to the Taiwan External Trade Development Council, with Indonesian exports to Taiwan reaching $5 billion along with Indonesia's imports from Taiwan totaling $3.3 billion. As of March 2001 Taiwanese investments in Indonesia reached $14 billion in 1,357 projects.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com More