Jakarta (ANTARA) - Indonesia's Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan is eyeing profit of Rp12 trillion (US$742 million) from the sales and exports of sustainable aviation fuel (SAF).

"The domestic and export sales of SAF are estimated to reach a profit of Rp12 trillion per year," he remarked on his official Instagram account, @luhut.pandjaitan, accessed on Thursday.

According to the minister, this figure was obtained by calculating the economic value of the production capacity of Pertamina's biofuel refineries.

State-owned oil company, Pertamina, is a leader in the field of energy transition and has carried out successful static trials of SAF for use in the CFM56-7B jet engine.

"This proves that their product is suitable for use on commercial aircraft," the minister emphasized.

In addition, the development of the SAF industry will be an entry point for further investment in biofuel refineries from the private sector and state-owned companies, Pandjaitan stated.

Quoting data from the International Air Transport Association (IATA), he remarked that Indonesia is projected to become the fourth-largest aviation market in the world in the next few decades.

Pandjaitan then used the forecast as a basis to chair the Roadmap Design Meeting and National Action Plan for the Development of the Sustainable Aviation Fuel (SAF) Industry in Indonesia.

He acknowledged that as aviation activity increases, the carbon emissions produced will also soar, thereby necessitating interventions to reduce carbon emissions.

"From various data and studies, I can conclude that SAF is the most effective solution for realizing an environmentally friendly aviation future in Indonesia," he revealed.

Hence, efforts to realize environmentally friendly aviation fuel (SAF) are not just centered around innovation but rather a commitment to reducing global carbon emissions, he affirmed.

"After the issuance of the presidential regulation, I am targeting to launch SAF's legal umbrella at the Bali International Airshow 2024, next September at the latest," the minister stated. (INE) Related news: Pertamina prepares to distribute sustainable aviation fuel
Related news: Minister affirms Indonesia's commitment to eco-friendly aviation