Business and Investment
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Jokowi announces surge in foreign investment for IKN amid authority leadership change
President Joko “Jokowi” Widodo announced a major boost in foreign investment for the Nusantara Capital City (IKN), following his recent visit to oversee groundbreaking projects and inaugurate key infrastructure in the country’s new capital city.
Indonesia secures Rp862 billion investment in tourism infrastructure
A number of Memorandums of Understanding (MoU) with a total investment of Rp862 billion (US$53 million) were signed at the 2024 International Tourism Investment Forum (ITIF) regarding a number of tourism infrastructure projects with a number of companies.
SKK Migas, ESDM ministry, Eni hold 3D seismic survey in pursuit of giant discovery
The Upstream Oil and Gas Regulatory Task Force (SKK Migas) is coordinating with the Ministry of Energy and Natural Resources (ESDM) and ENI Indonesia for a 3D seismic survey plan of US$70 million (Rp 1.1 trillion) in pursuit of more oil and gas reserves.
PSAB books 283 percent sales increase in first quarter 2024
Indonesia Gold Mining Company PT J Resources Asia Pasifik (PSAB) recorded positive performance in the first quarter of 2024, a continuation of its performance at the end of 2023 which jumped significantly.
SKK Migas: Indonesia's EOR potential reaches 950 million stock tank barrels
Indonesia holds significant potential for Enhanced Oil Recovery (EOR), with an estimated 950 million stock tank barrels (mmstb) across 12 project locations nationwide.
Indonesia plans to develop LEO satellites similar to Starlink
The Indonesian government is seeking to develop low earth orbit (LEO) satellites similar to Starlink, with the initial of submitting an application for non-geostationary satellite orbit (NGSO) slots for equatorial orbit.
Evermos plans for IPO in 2026 as social commerce booms in Indonesia
Evermos, a Bandung-based startup in the social commerce sector that connects local suppliers and small distributors, has planned to issue initial shares, or initial public offering (IPO), in 2026.
ENI allocates US$14.8 billion for Indonesia deepwater development project
Italian oil and gas company ENI is set to invest a total of US$14.8 billion (Rp 240 trillion) in the Indonesia Deepwater Development (IDD) project, according to the Upstream Oil and Gas Regulatory Task Forces (SKK Migas).
APVI optimistic about achieving e-Cigarette tax on the target
The Indonesian Personal Vaporizer Association (APVI) is confident that the government's Rp2 trillion (US$123 million) e-cigarette tax target will be met this year.
Medco Energi divests stake in Libya's Area 47 to National Oil Corporation
PT Medco Energi Internasional has announced the divestment of its stake in the oil and gas field Area 47 in Libya to the Libya National Oil Corporation (NOC). This divestment follows an agreement between MedcoEnergi and NOC to transfer MedcoEnergi's entire 50 percent participating interest in the Exploration and Production Sharing Agreement (EPSA) for Contract Area 47.
Solar energy potential in Indonesia underutilized
Indonesia has harnessed less than 1 percent of its solar energy potential, lagging significantly behind neighboring countries as fossil fuels continue to dominate and account for about 83 percent of the energy mix in Southeast Asia, while renewable energy contributes only 14.2 percent, said Helen Wong, Managing Partner at AC Ventures on Tuesday, May 28, 2024.
A major Chinese nickel processing company expands investment in Indonesia
CNGR, a major Chinese company in the nickel processing industry and a key supplier of battery components for US electric car producer Tesla, is aggressively increasing its investments in Indonesia.