Indonesia, RoK sign MoU on oil and gas cooperation
Indonesian energy producer, PT Pertamina, and a consortium of companies of the Republic of Korea (RoK) signed a memorandum of understanding (MoU) to explore business cooperation opportunities in Indonesia’ oil and gas industry, specifically in the Refinery Development Master Plan (RDMP) of Dumai in Riau.
PT Pertamina and a consortium of Korean companies signed a MoU to explore the business cooperation opportunities in Indonesia' oil and gas industry, specifically in the Refinery Development Master Plan of Dumai in Riau. (Photo: )
Jakarta (VNA) – Indonesian energy producer, PT Pertamina, and a consortium ofcompanies of the Republic of Korea (RoK) signed a memorandum of understanding(MoU) to explore business cooperation opportunities in Indonesia’ oil and gasindustry, specifically in the RefineryDevelopment Master Plan (RDMP) of Dumai in Riau.
The signingwas carried out online on May 20, witnessed by head of the InvestmentCoordinating Board Bahlil Lahadalia.
Thestate construction firm, PT Nindya Karya, also involved in the deal while theKorean consortium was represented by DH Global Holdings Co. Ltd.
The1.5 billion USD project is expected to increase domestic oil and fuelproduction capacity, reduce the reliance on oil imports and address the current accountdeficit in the future, said Lahadalia in an official statementreleased on May 21.
Thedeal is accordance with the Indonesian Government’s efforts to support theacceleration of the implementation of mega projects under the NationalStrategic Projects.
PertaminaDirector, Ignatius Tallulembang, said the third parties will conduct a studyon upgrading the Dumai Refinery, expressing his hope that there will be animportant milestone in December.
Pertamina aimedto double its capacity to 2 million barrels per day, produce environmentallyfriendly fuel products of the Euro5 standard and petrochemical products./.
Indonesia posted a net inflow of 4.1 billion USD from April to May 14, after recording a net outflow of 5.7 billion USD in the first quarter of 2020, said Bank Indonesia (BI) Governor Perry Warjiyo on May 19.
Indonesia’s car exports are forecast to drop by 50 percent in 2020 due to large-scale social restrictions amid the COVID-19 pandemic, according to Association of Indonesian Automotive Manufacturers (Gaikindo).
Indonesia’s central bank (BI) has bought 1.6 billion USD worth of government bonds in the primary market, underlining its commitment to remain active in it as the country faces a burgeoning state budget deficit due to the rising cost of COVID-19 mitigation efforts.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
PT Pertamina and a consortium of Korean companies signed a MoU to explore the business cooperation opportunities in Indonesia' oil and gas industry, specifically in the Refinery Development Master Plan of Dumai in Riau. (Photo: ) 
