Tuesday, July 16, 2024

S. Korea-UAE business association explores oil refining opportunities in Indonesia

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President Joko Widodo met with a delegation of the South Korea-United Arab Emirates Business Association at Merdeka Palace in Jakarta on Wednesday, discussing potential investments in Indonesia’s oil refining sector.

The delegation, led by Chairman Kim Kyung Hee, expressed keen interest in exploring opportunities within Indonesia’s downstream oil and gas sector.

Highlighting the significance of oil refining for Indonesia’s energy needs, Kyung Hee emphasized the potential contributions of such investments.

“Indonesia has a critical demand for oil refining,” Kyung Hee said following the meeting.

Kim Kyung Hee, who also serves as the Operations Manager at South Korea’s Atlantis Wide Gas and Petro Trading branch, noted the positive reception of their visit by President Jokowi.

He disclosed that President Jokowi expressed readiness to advance the oil refining investment proposal to relevant ministers and domestic oil and gas companies.

“The President indicated he will follow up, pending discussions with the ministers,” Kyung Hee said.

However, specific details regarding the investment amount and targeted locations for the oil refining business development were not disclosed during the initial exploratory talks.

“These aspects are still premature as this remains in the exploratory phase,” he said.

According to the company’s website, Atlantis Wide Gas and Petro Trading is headquartered in Dubai, UAE. The company specializes in oil and gas trading and operates branch offices in the United Kingdom, Hong Kong, and Oman.

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