Business and Investment
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SKK Migas, TIS Petroleum join hands in High CO2 Content Gas commercialization
The Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) has joined forces with TIS Petroleum E&P Blora Pte. Ltd., a contract partner, to complete the Early Production Facility (EPF) project in the RBG Block-I within the Blora Working Area, East Java.
Pertamina collaborates with KNOC to develop Rig-to-CCS technology
Pertamina has set up a partnership with the Korea National Oil Corporation (KNOC) to develop Rig-to-CCS (carbon capture storage) technology. Rig-to-CCS involves repurposing decommissioned offshore oil platforms into carbon capture and storage facilities.
SKK Migas waits for validation of discovery for new LNG plant
The Upstream Oil tatedand Gas Regulatory Task Force (SKK Migas) confirms that the decision to build a novel liquefied natural gas (LNG) facility in the vicinity of Aceh will be contingent upon the fulfilment of the development blueprint (PoD) for Andaman II and South Andaman Blocks.
No agreement yet on Vale Indonesia divestment price with government
Minister of Investment and Head of Investment Coordinating Board (BKPM), Bahlil Lahadalia, revealed the outcome of PT Vale Indonesia’s 14 percent share divestment to Indonesia via the mining industry holding MIND ID. Bahlil asserted that the primary obstacle for accomplishing Vale's shares divestment is due to an unestablished agreement on price.
Indonesia needs US$ 1.7 trillion for water infrastructure by 2030
The investment requirement for water infrastructure until 2030 is estimated to reach US$ 1.7 trillion (IDR 26,380 trillion) that the government needs an investment of up to IDR 3,832 trillion per year starting in 2024.
Foreign capital inflows of IDR 8.61 trillion in early January 2024
The Indonesian Central Bank (BI) recorded IDR 8.61 trillion (US$ 554 million) of foreign capital inflows into the domestic financial market in the period of January 2-4, 2024.
ESDM collaborates with BRIN for mineral exploration
The Ministry of Energy and Mineral Resources (ESDM) has entered into a collaboration with the National Research and Innovation Agency (BRIN) for the inventory, exploration, and preparation of mining business license areas (WIUP) and state reserve areas (WPN) for radioactive minerals, rare earth metals, and other minerals.
IISIA forecasts national steel consumption to grow by 5.2% in 2024
The Indonesian Iron & Steel Industry Association (IISIA) predicts that national steel consumption will grow by 5.2 percent to reach 18.3 million tons in 2024 in line increasing demand due to growth in the property sector, government infrastructure spending, and the automotive steel-consuming industry.
Investors ready to contribute to Indonesia’s new capital city development
The Capital City Authority has identified a number of local investors who are either committed or ready to invest in the development of the future Nusantara capital city (IKN).
United Tractors completes acquisition of geothermal company
PT United Tractors (UT), Astra Group's heavy equipment, construction, and energy company, continues to explore new business potentials as it is completing the acquisition of a geothermal power generation company, PT Supreme Energy.
Chinese investor leads US$ 22 million funding for Swap Energi
China-based investor Qiming Venture Partners is leading a series of funding round for electric battery startup Swap Energi, raising US$ 22 million (IDR 341 billion) in the process. Other participating investors include GGV Capital and Ondine Capital.
Pertamina NRE's EBT electricity production grows 18% in 2023
Pertamina New & Renewable Energy (Pertamina NRE) has managed to record good operational performance throughout 2023 where the production of clean energy-based electricity generation amounted to 5.5 million MWh (unaudited). This is an increase by 18 percent from the same period last year of 4.7 million MWh.