Indonesia targets US$5 billion oil and gas investment from UAE

Indonesia targets US$5 billion oil and gas investment from UAE

Energy and Mineral Resources Minister Ignasius Jonan receives a visit of the UAE Energy and Industry Minister Mohamed Faraj Al Mazrouei at his office in Jakarta. (Energy and Mineral Resources Ministry).

In line with President (Joko Widodo's) directive, (to attract) investment from the UAE and Middle East, there is large investment not only from the oil and gas sector but also from other sectors. The total target is approximately above US$5 billion t
Jakarta (ANTARA) - Energy and Mineral Resources Minister Ignasius Jonan is targeting investment worth US$5 billion from a cooperation between Indonesia and the United Arab Emirates (UAE).

UAE's Energy and Industry Minister Mohamed Faraj Al Mazrouei paid a visit to Jonan in his office in Jakarta.

"In line with President (Joko Widodo's) directive, (to attract) investment from the UAE and Middle East, there is large investment not only from the oil and gas sector but also from other sectors. The total target is approximately above US$5 billion that is still under discussion," Jonan noted in a statement, Saturday.

The minister affirmed that the UAE is also keen to explore cooperation in other sectors, including infrastructure, finance, and tourism.

This cooperation is claimed to facilitate the government's efforts in opening job opportunities in Indonesia.

"We are striving to improve the cooperation. It does not have to be in the oil and gas and mining sectors but can also be in infrastructure, financial sector, tourism, or small and medium enterprises financing," Jonan explained.

The UAE government has highlighted its interest in investing in Indonesia, as it has already collected joint investments for a multi-billion dollar action plan for UAE investment in Indonesia, according to Minister Suhail.

Suhail noted that the UAE government acknowledged the fact that Indonesia had huge economic potential.

"Indonesia is among the 16 largest economies in the world. It also has the potential to rank among the world's top 10," Suhail emphasized.

One of the potential areas for cooperation that can be developed is in the upstream oil and gas sector, particularly with Pertamina, in order to boost Indonesia's oil and gas production.

"The UAE is optimistic about holding discussion with Pertamina on increasing investment and developing more oil and gas fields," Suhail emphasized.

Moreover, the UAE has shown interest in doing business in the renewable energy sector.

"We have a leading (renewable energy) company called Masdar that has invested in several countries. They have the ability to reduce the cost of renewable energy," Suhail added.  

 

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