Business and Investment
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Rosan meets giant Chinese firms for EV ecosystem investment acceleration
Minister of Investment and Downstreaming/Head of the Investment Coordinating Board (BKPM) Rosan Perkasa Roeslani met with a number of giant Chinese companies within the electric vehicle (EV) ecosystem production chain during his visit to China on December 16-17, 2024.
Schroders to quit its Indonesian business unit after over 30 years of operation
Schroders, a British global fund manager, is planning to close its business in Indonesia after operating for over 30 years, a move associated with the management overhaul led by new CEO Richard Oldfield, who is focused on streamlining underperforming business units.
Government to open direct flight routes to boost investment in tourism SEZs
Coordinating Minister for the Economy, Airlangga Hartarto, has acknowledged that investment in Special Economic Zones (SEZs) in the tourism sector is still low due to minimum capital inflow as an impact of constraints on access to flight routes.
Government seeks new investors for Tuban Grass Root Refinery project
Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia said the government is opening the opportunity for new foreign investors to invest in the Tuban Grass Root Refinery (GRR) project if Russia’s Rosneft Oil Co PJSC fails to provide clarity on its commitment to the venture.The refinery project, which involves PT Kilang Pertamina Internasional (KPI) and Rosneft, has faced setbacks partly due to geopolitical issues.“For concession holders on certain working areas, if there is no progress in certain time frame based on the regulation, there is a posibility that we will open bidding for new investors. Because it is state project, it is forbidden to slow the process,” Bahlil said on Friday, November 29, 2024.He added, however, that the government did not close the opportunity for the Russian company to continue with the project. He cited that he has met with Pertamina CEO, but they have not discussed the issue in detail.“I have set the agenda by the end of November, but Indonesia has just finished the regional elections. As chairman of a political party, I have made it clear that regional election is the first priority,” he said.The Tuban refinery, valued at approximately US$3.8 billion (Rp54.2 trillion), is designed to process 300,000 barrels of crude oil per day and produce around 30 million liters of fuel daily, including gasoline and diesel.The project has already encountered obstacles, including land acquisition, incentives, and permits, which Bahlil helped address during his tenure as Minister of Investment.Currently, PT KPI, a subsidiary of State energy compny PT Pertamina, continues to collaborate with Rosneft through PT Pertamina Rosneft Pengolahan dan Petrokimia (PRPP) to progress the project.Hermansyah of KPI confirmed that the Final Investment Decision (FID) is expected to be completed by the foiurth quarter of 2024, expediting the timeline initially set for 2025.As one of Indonesia’s largest oil refinery projects, the Tuban GRR aims to bolster domestic fuel production capacity, enhancing energy security and reducing dependence on imports.
Tariff hike, geopolitical instability to benefit mining sector: BCA chief economist
The planned import tariff policy by U.S. President-elect Donald Trump and geoploitical instability have the plotential to trigger inflation in the U.S. and impact the commodity sector and the rupiah exchange rate, but on the other hand provide windfall profits from rising commodity prices, especially for Indonesia’s mining sector, an economist says.
Pandu Sjahrir tipped to be named Danantara's Chief Operating Officer soon
A businessman and angel investor Pandu Patria Sjahrir is widely tipped to be appointed as Chief Operating Officer of the Daya Anagata Nusantara Investment Management Agency (BPI Danantara), a sovereign wealth fund mechanism to support Indonesia development financing.
Renewable energy development for attracting multinational investment in Indonesia
The Purnomo Yusgiantoro Center (PYC), an energy think tank, has emphasized that the development of renewable energy (RE) in Indonesia is a critical factor for attracting multinational companies to invest in the country.
North Maluku sees massive investment surge in mineral processing
The Ministry of Energy and Mineral Resources (ESDM) has reported that investment in mineral downstreaming in North Maluku was recorded at Rp55 trillion (US$3.5 billion) in the period of January to September 2024.
UGM researchers develop wind turbine for Indonesia's 3T regions
A research team from the Department of Mechanical and Industrial Engineering at Gadjah Mada −University (UGM) has developed a new wind turbine, named "Antasena," to optimize new and renewable energy (EBT) utilization in Indonesia's remote and underdeveloped regions, commonly known as 3T areas (frontier, outermost, and underdeveloped regions).
Indonesia’s nickel reserves may end in 4 to 5 years
A senior government official has warned of potential depletion of the country’s nickel reserves within the next four to five years along with the operation of hundreds of nickel smelters that will definitely drain the reserves.
Indonesia-Vietnam collaborate to set up dairy farm in Poso for national nutrition program
The Indonesian government has partnered with Vietnamese investors to develop a large-scale dairy industry in Poso, Central Sulawesi, aimed at supporting President Prabowo Subianto's initiative for a free nutritional meal program targeting approximately 82 million school children, including milk as a vital part of the menu.
Nvidia announces plan to set up AI center in Solo
Nvidia, an American multinational technology company, has overtaken Apple to become the world’s most valuable company, according to data from the London Stock Exchange Group (LSEG).