Indonesia regains upper-middle income rank on growth rebound

[Indos]

Indonesia posts Jan-June budget surplus worth $10 bln​

JAKARTA, July 10 (Reuters) - Indonesia had a surplus of about $10 billion in its state budget in the January to June period, the chair of parliament's budget committee said at a hearing with the finance minister on Monday.

The government had spent 1,255.7 trillion rupiah ($82.55 billion) in the first half of the year, while its revenue had reached 1,407.9 trillion rupiah, bringing the surplus to 152.3 trillion rupiah, according to Said Abdullah, who spoke ahead of a budget presentation by Finance Minister Sri Mulyani Indrawati.

Said called for the government to reduce its planned debt issuance, including this year's bond sales, due to the strong budget performance.

Sri Mulyani earlier this month lowered her forecast for the 2023 budget deficit to 2.28% of GDP, compared with an initial projection of 2.84%.



($1 = 15,211 Rupiah)

(Reporting by Stefanno Sulaiman; Writing by Gayatri Suroyo; Editing by Kanupriya Kapoor)

https://www.nasdaq.com/articles/indonesia-posts-jan-june-budget-surplus-worth-$10-bln

 

[Indos]

Indonesia Upbeat on 5% Growth Despite Gloomy China Outlook​

• Indrawati speaks on Indonesia economy ahead of G-20 meetings
• Indonesia looking to strengthen economic ties with India

Indonesia Upbeat on 5% Growth Despite Gloomy China Outlook

Indonesia Finance Minister Sri Mulyani Indrawati said she was optimistic about the 5% economic growth target this year despite the darkening global outlook, especially from China.

www.bloomberg.com

Published Sun, Jul 16, 2023 · 6:19 pm


INDONESIA Finance Minister Sri Mulyani Indrawati said she was optimistic about the 5 per cent economic growth target this year despite the darkening global outlook, especially from China.

“We are optimistic for 2023 because we see the figures on the first half,” Dr Sri Indrawati said in an interview with Bloomberg Television’s Haslinda Amin ahead of the G20 finance chiefs’ meetings in India. “The second half, there is a positive side from our own side, explicitly on household consumption.”

While there has been signs of weaknesses in South-east Asia’s largest economy, including weaker exports, Dr Sri Indrawati said elections next year will also spur the economy thanks to extra spending from the government as well as political parties.

Dr Sri Indrawati said Indonesia was looking to strengthen its ties with India as both economies look for ways to shield against the impact of China’s lacklustre performance.

“Their economic growth is remarkably very strong. And that’s why they need quite a lot of imported commodities (from) Indonesia,” she said in reference to India. “We’re here trying to discuss on the partnership which is going to be much benefiting both sides.”

China is grappling with several challenges, including the looming prospect of deflation, subdued economic growth and a faltering property market. India on the other hand is posting one of the fastest growth rates in the world thanks to the expansion of its services sector, cushioning the impact of elevated interest rates. BLOOMBERG

​

 

[Indos]

These are all gas.

-------------------------------


Although pessimistic about Andaman III drilling, Tutuka still has hopes for other blocks still in the Andaman area, namely Andaman I managed by Mubadala Petroleum (MP) and Premier Oil or Harbour Energy.

Tutuka said, Andaman I has recoverable reserves of 239 million oil equivalents which are planned to be on-stream estimated in 2030

Andaman II, managed by Harbor Energy, MP, and BP, has recoverable reserves of 2.02 billion barrels of oil equivalent that are planned to be on-stream or produce in 2028.

Finally, the South Andaman Block is managed by MP and Harbour Energy with recoverable reserves of 709 million barrels of oil equivalent which is estimated to be on-stream in 2030.

MSN

----------------------------------

Domestic Gas Consumption Reaches 68.66 Percent Until July 2022, Dominated by the Industrial Sector​

Annissa Mutia12/10/2022 16:10 PM
Domestic Gas Utilization by Sector (July 2022)

The Ministry of Energy and Mineral Resources (ESDM) reported that domestic gas absorption until July 2022 reached 3,716BBTUD or 68.66%. This figure continues to increase from previous years.

"Our gas production has been mostly used for domestic needs, which is 68.66%. That reversed conditions a few years ago where it was mostly for export. Now 2/3 of gas production is for the nation," said Director General of Oil and Gas Tutuka Ariadji in Jakarta, Monday (10/10) in his official statement.

Domestic gas consumption is dominated to meet the needs of the industrial sector by 29.2%, fertilizer 13.49%, electricity 11.62%, domestic LNG 8.47%, lifting 3.48%, domestic LPG 1.51% and city gas 0.19%, and BBG 0.08%. Meanwhile, gas exports reached 1,697 BBTUD or 31.34%, namely LNG exports 19.58% and pipeline gas exports 11.77%.

"Gas utilization for industry is almost 30%. We continue to encourage our industry to grow," Tutuka added.

This increase in domestic gas utilization is to support domestic industries to be more competitive. In this regard, the Government has enacted Presidential Regulation Number 121 of 2020 concerning Natural Gas Pricing. Based on the regulation, there are seven fields that get a certain natural gas price of US $ 6 per MMBTU, namely the fertilizer, petrochemical, oleochemical, steel, ceramic, glass and rubber glove industries.

Indonesia's gas potential to date is quite promising with proven reserves of around 41.62 TCF. Although its reserves are insignificant compared to world reserves, Indonesia still has 68 potential unexplored basins offered to investors. Based on Indonesia's Gas Balance 2022-2030, Indonesia will be able to meet domestic needs from existing oil and gas fields. In the next 10 years, Indonesia is also expected to experience a gas surplus of up to 1715 MMSCFD from several potential projects.

Currently, there are four oil and gas projects included in the National Strategic Project (PSN), namely the Indonesia Deepwater Development (IDD) Project, Abadi Masela, Jambaran Tiung Biru (JTB) and Tangguh Train 3. The government expects gas production not only to come from projects that enter the PSN, but also other fields such as Andaman.

error Page 404, Databoks

Description 6

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[migflug]

These are all gas.

-------------------------------


Although pessimistic about Andaman III drilling, Tutuka still has hopes for other blocks still in the Andaman area, namely Andaman I managed by Mubadala Petroleum (MP) and Premier Oil or Harbour Energy.

Tutuka said, Andaman I has recoverable reserves of 239 million oil equivalents which are planned to be on-stream estimated in 2030

Andaman II, managed by Harbor Energy, MP, and BP, has recoverable reserves of 2.02 billion barrels of oil equivalent that are planned to be on-stream or produce in 2028.

Finally, the South Andaman Block is managed by MP and Harbour Energy with recoverable reserves of 709 million barrels of oil equivalent which is estimated to be on-stream in 2030.

MSN

----------------------------------

Domestic Gas Consumption Reaches 68.66 Percent Until July 2022, Dominated by the Industrial Sector​

Annissa Mutia12/10/2022 16:10 PM
Domestic Gas Utilization by Sector (July 2022)

View attachment 939458

The Ministry of Energy and Mineral Resources (ESDM) reported that domestic gas absorption until July 2022 reached 3,716BBTUD or 68.66%. This figure continues to increase from previous years.

"Our gas production has been mostly used for domestic needs, which is 68.66%. That reversed conditions a few years ago where it was mostly for export. Now 2/3 of gas production is for the nation," said Director General of Oil and Gas Tutuka Ariadji in Jakarta, Monday (10/10) in his official statement.

Domestic gas consumption is dominated to meet the needs of the industrial sector by 29.2%, fertilizer 13.49%, electricity 11.62%, domestic LNG 8.47%, lifting 3.48%, domestic LPG 1.51% and city gas 0.19%, and BBG 0.08%. Meanwhile, gas exports reached 1,697 BBTUD or 31.34%, namely LNG exports 19.58% and pipeline gas exports 11.77%.

"Gas utilization for industry is almost 30%. We continue to encourage our industry to grow," Tutuka added.

This increase in domestic gas utilization is to support domestic industries to be more competitive. In this regard, the Government has enacted Presidential Regulation Number 121 of 2020 concerning Natural Gas Pricing. Based on the regulation, there are seven fields that get a certain natural gas price of US $ 6 per MMBTU, namely the fertilizer, petrochemical, oleochemical, steel, ceramic, glass and rubber glove industries.

Indonesia's gas potential to date is quite promising with proven reserves of around 41.62 TCF. Although its reserves are insignificant compared to world reserves, Indonesia still has 68 potential unexplored basins offered to investors. Based on Indonesia's Gas Balance 2022-2030, Indonesia will be able to meet domestic needs from existing oil and gas fields. In the next 10 years, Indonesia is also expected to experience a gas surplus of up to 1715 MMSCFD from several potential projects.

Currently, there are four oil and gas projects included in the National Strategic Project (PSN), namely the Indonesia Deepwater Development (IDD) Project, Abadi Masela, Jambaran Tiung Biru (JTB) and Tangguh Train 3. The government expects gas production not only to come from projects that enter the PSN, but also other fields such as Andaman.

error Page 404, Databoks

Description 6

databoks.katadata.co.id

Where are these Andaman blocks located? Near northern Sumatra/Aceh??

 

[Indos]

Where are these Andaman blocks located? Near northern Sumatra/Aceh??

Yup, near Aceh. Indian gov also want to find it within their own Andaman EEZ and territory but so far not successful.

The gas pipeline will be connected to Java Island as well, inshaAllah.

Government Targets Gas Pipeline from Aceh to East Java to Connected by 2027 Kompas.com -

12/06/2023, 13:12 WIB


JAKARTA, KOMPAS.com - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif revealed that the government is targeting development projects gas pipeline stretching from Aceh to East Java could be completed by 2027.

"That's again the process to connect from Aceh to East Java. Yes, we hope that if it can indeed be supported by the budget, hopefully 2027 will be finished," Arifin said at the Presidential Palace Complex, Jakarta, Monday (12/6/2023).

Also read: There is a Gringsing Fault, Minister of Energy and Mineral Resources Ensures Natural Gas Pipeline Installation Is Done Carefully

Arifin said, pipelines gas in Sumatra-Java is now not connected in two sections, namely Cirebon-Batang and Dumai-Sei Mangke.

Meanwhile, Arifin said, gas production figures in East Java are high but have not been able to be channeled to many regions.

If all pipelines have been connected, gas needs in Sumatra will be met by gas supplied from Java and Sumatra.

Also read: Pertagas Focuses on Improving Public Facilities Affected by the Senipah-Balikpapan Gas Pipeline Project

"No more LNG imports from Papua, just from the gas between Java and Sumatra," said Arifin.

Arifin today came to the palace to report on the Cirebon-Semarang (Cisem) gas pipeline project that supplies gas to the Batang industrial area and the Balongan refinery.

He said, the Cisem gas pipeline project is targeted to be completed in early or mid-2025.

Pemerintah Targetkan Pipa Gas dari Aceh ke Jawa Timur Tersambung 2027

Arifin menuturkan, jaringan pipa gas di Sumatera-Jawa kini belum tersambung di dua ruas, yakni Cirebon-Batang dan Dumai-Sei Mangke.

nasional.kompas.com

 

[Indos]

G20 Meeting, Srinagar, India. July 2023

 

[Indos]

Manufacturing Industry Invests IDR 270.3 Trillion (18 billion USD) in the First Semester of 2023​

Yesterday 09.30

KONTAN.CO.ID - JAKARTA. The manufacturing industry sector recorded an investment of IDR 270.3 trillion in the first six months of 2023. This figure is the total of Domestic Investment (PMDN) and Foreign Investment (PMA).

Based on data from the Ministry of Investment/Investment Coordinating Board, investment in the manufacturing industry sector contributed 39.8% of the total investment realization in Indonesia for the January-June 2023 period which reached IDR 678.7 trillion (45 billion USD).

Overall, total investment in January-June 2023 increased by 16.1% (y-o-y) and reached 48.5% of the 2023 investment target set at IDR 1,400 trillion (93 billion USD). Meanwhile, investment in the manufacturing industry sector increased by 17% year on year (YoY) in the January-June 2023 period.

"It can be seen that in the same period last year the figure reached Rp 230.8 trillion, while this year it reached Rp 270.3 trillion. This shows a significant increase," said Minister of Industry Agus Gumiwang Kartasasmita in a press release on the Ministry of Industry website, Saturday (22/7).

The Minister of Industry said that his party continues to strive for the non-oil and gas industry sector to increase investment realization in Indonesia. The Ministry of Industry is always open to industry players who need support in order to expand their business in Indonesia.

The government continues to be proactive to attract national and global investors by creating a conducive investment climate for business actors. Investment opportunities continue to be pursued, with priority for downstream-based industrialization to increase added value.

"We also encourage increased investment to provide benefits in accelerating technology transformation 4.0, improving the quality of Human Resources (HR), and developing green industries," explained the Minister of Industry.

Also Read: Manufacturing Still Required to Store DHE in the Country, Will Be Regulated in Derivative Rules

In the second quarter of 2023, overall investment realization reached IDR 349.8 trillion, an increase of 15.7% YoY. The basic metal, metal goods, non-machinery and equipment industries are included in the top five subsectors with the highest investment realization, reaching Rp 42.4 trillion.

Other subsectors that also showed high investment realization include the food industry, chemical and pharmaceutical industries, textile industries, and rubber and plastic industries.

In that period, 464,289 workers were absorbed. Meanwhile, investment realization outside Java reached Rp 182 trillion, dominating the overall investment by 52%.

According to Agus, the distribution of investment is increasingly evenly distributed with the growth of industrial estates throughout Indonesia. "We can see that investment realization in Central Sulawesi is ranked fourth in the second quarter of 2023, amounting to IDR 26.6 trillion," Agus said.

The increase in investment realization until June 2023 is one indication that shows the growth of the Indonesian economy. The Minister of Industry assessed, this positive signal is in line with positive numbers shown by other indicators.

This can be seen from the Industrial Confidence Index (IKI) for June 2023 at 53.93, and the Manufacturing Purchasing Manager's Index (PMI) recorded at 52.5, the increase in investment in the non-oil and gas processing industry also shows the optimism of industry players.

"Therefore, we are determined to maintain this trust by continuing to provide support to the industrial sector in Indonesia," Agus added

www.msn.com/id-id/berita/other/industri-manufaktur-investasi-rp-270-3-triliun-di-semester-i-2023/ar-AA1edIb5?ocid=msedgntp&cvid=127eeb20c60b4413a8dbd3e840a588ad&ei=7

 

[Indos]

Eni takes over Chevron's stake in Indonesia deepwater gas project​

July 25, 2023 — 05:26 am EDT
Written by Fransiska Nangoy and Bernadette Christina for Reuters ->

By Fransiska Nangoy and Bernadette Christina

TANGERANG, Indonesia, July 25 (Reuters) - Italian energy company Eni ENI.MI signed a deal on Tuesday to take over U.S. oil giant Chevron's CVX.N stake in the Indonesia Deepwater Development (IDD) gas project.

Indonesia's energy minister Arifin Tasrif said via a virtual broadcast from Jakarta that the deal would "ensure Indonesia's energy security for the next 10 years," and that he expects Eni to continue the second phase of IDD's development.

"Operatorship transfer of IDD from Chevron to Eni is crucial for Indonesia," Arifin added, noting that the IDD project was expected to lift Indonesia's gas production to 12 billion standard cubic feet per day by 2030.

Eni and Chevron did not provide a value for the stake sale.

Eni is already a partner in the IDD project, along with Indonesia's state energy firm Pertamina and China's Sinopec. Located in the Makassar Strait, the project involves the Bangka, Gendalo and Gehem gas fields.

Development of the IDD project will be adjusted to integrate the nearby Jangkrik and North Ganal blocks operated by Eni in the Kutai basin.

Chevron had announced in early 2020 its intention to exit its 62% stake in the IDD project as it makes changes to its global portfolio.

https://www.nasdaq.com/articles/eni-takes-over-chevrons-stake-in-indonesia-deepwater-gas-project

 

[Indos]

Indonesia's big gas projects to proceed after global majors sell stakes​

July 25, 2023 — 10:43 pm EDT

Written by Fransiska Nangoy and Bernadette Christina for Reuters ->

By Fransiska Nangoy and Bernadette Christina

TANGERANG, Indonesia, July 25 (Reuters) - Shell SHEL.L and Chevron's CVX.N agreements to sell stakes in major Indonesian gas projects to Pertamina, Petronas and Eni ENI.MI will unleash development at the fields, enabling the country to boost its flagging output, the buyers said.

Indonesia has seen declining oil and gas production in recent years due to depleting reserves, and as major new projects face delays due to oil majors' exits.

After signing a deal on Tuesday to buy a 20% stake in the Masela gas block from Shell, Nicke Widyawati, CEO of Indonesian state energy firm Pertamina, told reporters at the Indonesia Petroleum Association conference that a final investment decision on the project would be made in 2026.

Shell had been looking to sell its 35% interest in the project since 2019. Under the agreement signed on Tuesday, Malaysia's Petronas will buy Shell's other 15% stake.

"Our participation underscores the commitment in supporting Indonesia's production target to achieve one million barrels of oil per day and 12 billion standard cubic feet per day of gas by 2030," Petronas group CEO Tan Sri Tengku Muhammad Taufik said.

Abadi LNG, led by Japan's Inpex Corp 1605.T, will use gas from the Masela block to produce 9.5 million metric tons per year of LNG at its peak, which will be shipped from the proposed terminal for domestic industries and overseas customers.

Dwi Soetjipto, the CEO of Indonesian upstream regulator SKK Migas, told Reuters at the same conference that an FID on the project could be reached as early as end-2024.

FAST TRACK​

Eni also signed a deal on Tuesday to take over Chevron's stake in the IDD gas project. It said the acquisition will allow it to fast-track development of the resource, in which it was already a partner along with Pertamina and China's Sinopec 600028.SS.

The IDD project involves the Bangka, Gendalo and Gehem gas fields, and its development will integrate the nearby Jangkrik and North Ganal blocks operated by Eni in the Kutai basin.

It will also leverage the Jangkrik infrastructure and the existing Bontang LNG facility, in which Eni holds a stake, Eni said. Chevron confirmed the sale and said it continues to invest in Indonesia.

SKK Migas also said on Tuesday that three to five potential investors from the Middle East and Asia have started assessing the Tuna natural gas project in a possible sale of Russian firm Zarubezhneft's stake.

British firm Harbour Energy HBR.L is currently partnering with Zarubezhneft on the gas field, but Zarubezhneft plans to pull out of the project due to a lack of progress following sanctions on Russian companies.

The Tuna field is expected to reach peak production of 115 million standard cubic feet per day in 2027. Gas from the field will be exported to Vietnam from 2026.

Indonesia still has "huge potential" from natural gas resources, its Energy Minister Arifin Tasrif told the conference earlier, and would exploit gas as a bridge fuel in its transition to greener forms of energy.

Big producers have in recent years promoted gas, which has lower emissions than coal when burned, as a transition fuel to smooth out intermittent supply from renewables. The move has been fiercely resisted by environmentalists.

(Reporting by Fransiska Nangoy, Bernadette Christina Munthe; Writing by Florence Tan and Emily Chow; Editing by Muralikumar Anantharaman, Christian Schmollinger and Kim Coghill)

https://www.nasdaq.com/articles/indonesias-big-gas-projects-to-proceed-after-global-majors-sell-stakes-0

 

[Indos]

Indonesia awards three oil and gas blocks from first bidding round of the year​

TANGERANG, Indonesia, July 27 (Reuters) - Indonesia has awarded three oil and gas blocks with estimated resources of more than 2.4 billion barrels of oil and 9 trillion cubic feet of gas to three companies, its energy ministry said on Thursday.

The three blocks were offered in the first bidding round earlier this year and the winners pledged to a total investment of $22.2 million for the first three years and a $650,000 signature bonus.


"We would like to convey our expectation that you would be able to keep the commitments while also actively participating in supporting the national energy demand in the future," energy ministry official Noor Arifin Muhammad said during the announcement at the Indonesia Petroleum Association annual conference.

The Akia block in North Kalimantan, which has estimated resources of two billion barrels of oil and nine trillion cubic feet of gas, was awarded to a consortium of Armada Etan Ltd. and Pexco Tarakan N.V.

The Beluga working area in west Natuna with estimated resources of 360 million barrels of oil and 50 billion cubic feet of gas was awarded to Medco Energi Linggau, a unit of Medco Energi Internasional MEDC.JK.

The government also awarded the Bengara I working area in onshore North Kalimantan with estimated resources of 90 million barrels oil equivalent to Texcal Mahato EP FZCO.

The Southeast Asian oil and gas producer announced a second oil and gas working areas bidding round earlier this week, which included an offering for the Natuna D-Alpha block in the South China Sea.


Indonesia plans to offer a total of ten new oil and gas blocks this year as it aims to increase oil lifting to 1 million barrels per day (bpd) by 2030 and gas lifting to 12 billion cubic feet per day (bcfd), from currently around 615,000 bpd of oil and 5 bcfd gas.

(Reporting by Bernadette Christina; Editing by Sharon Singleton)

((Bernadette.Christina@thomsonreuters.com)

https://www.nasdaq.com/articles/indonesia-awards-three-oil-and-gas-blocks-from-first-bidding-round-of-the-year

 

[Indos]

Jokowi bags $13bn in investment pledges after meeting with Xi​

China's Xinyi to build glass, solar panel factories in Indonesia in $11.5bn plan

Chinese President Xi Jinping, right, greets Indonesian counterpart Joko "Jokowi" Widodo in Chengdu on July 27. (Photo courtesy of Indonesia's presidential office)

ERWIDA MAULIA, Nikkei staff writer
July 28, 2023 23:55 JST

JAKARTA -- Indonesia has secured at least $13 billion in investment pledges from Chinese companies following a meeting between Indonesian President Joko "Jokowi" Widodo and President Xi Jinping in the Chinese city of Chengdu, Indonesian officials said on Friday.

Widodo arrived in Chengdu on Thursday and held a one-hour talk with Xi, followed by two and a half hours of dining. Widodo said he asked Xi to support the development of Nusantara, Indonesia's planned new capital city in East Kalimantan province, and a planned major green industrial park in neighboring North Kalimantan province -- both on the island of Borneo.
"President Xi said he's paying attention and will give encouragement to the directions that I was [seeking]," Widodo said while opening a meeting with top Chinese business executives in Chengdu on Friday. "He said [that is] special for Indonesia."

Xi expressed support for the two major projects and "is willing to expand cooperation in areas including new energy vehicles and smart cities and jointly promote the industrial digital transformation," China's Xinhua news agency reported.

Xi also proposed a "two-plus-two" dialogue between foreign and defense ministers of the two countries, Xinhua added. Indonesian officials did not comment on that proposal.

Though China has not made specific investment pledges for either Nusantara or the green industrial park in North Kalimantan, top Chinese glassmaker Xinyi Glass on Friday signed a memorandum of understanding with Indonesia for a plan to invest a total of $11.5 billion in Southeast Asia's largest economy.

Xinyi intends to build a glass factory on Indonesia's Rempang island near Singapore that also will produce solar panels, mostly for export markets, said Bahlil Lahadalia, Indonesia's minister of investment.

"This will be [their] biggest factory outside China," Lahadalia told a virtual news conference. He said Xinyi also began developing a $700 million facility in East Java province last year. Xinyi could not be immediately reached for comment.

Foreign Minister Retno Marsudi said Indonesia also has secured a $1.5 billion investment commitment in the health care sector from Chinese companies, but did not elaborate.

"[Widodo] had three business meetings today, from which there are commitments to both expanding investments and for new investments worth tens of billions of dollars," she told the same press briefing from Chengdu.

Marsudi said Widodo and Xi also discussed Indo-Pacific issues during their meeting.

"President [Widodo] said rivalry between major powers must be well managed in order to avoid conflicts, which will be detrimental to the region," she said. "He welcomes the restart of communications between China and the United States, and also the completion of guidelines to accelerate negotiations" on a code of conduct covering the South China Sea.

Widodo earlier said his visit to China was on invitation from Xi, and coincided with the 10th anniversary of the Indonesia-China comprehensive strategic partnership. He is slated to return to Indonesia on Saturday.

Jokowi bags $13bn in investment pledges after meeting with Xi

China's Xinyi to build glass, solar panel factories in Indonesia in $11.5bn plan

asia.nikkei.com

Wonderful Rempang & Galang Islands - BATAM (DRONE)​

 

[Indos]

Indonesia poised to become a major solar panel supplier: Minister​

22nd July 2023

File - A worker checks solar panels at a government building in Jakarta, on March 2, 2016. (ANTARA FOTO/Muhammad Adimaja/wdy)

Jakarta (ANTARA) - Indonesia has the potential to become one of the world's largest solar panel suppliers by utilizing its reserves of quartz sand or silica sand, Minister of Investment/Head of Investment Coordinating Board (BKPM) Bahlil Lahadalia said on Friday.

He mentioned that President Joko Widodo (Jokowi) had instructed BKPM to seek investors not only in the nickel, copper, or tin sector.

"We have one of the largest reserves of quartz sand in the world. It is the main raw material to produce glass and solar panels, which are needed in the green industry," he said during a presentation on investment realization in the second quarter of 2023 in Jakarta.

Therefore, he shared that they are exploring cooperation with the Xinyi Group, the world's largest glass company in China, which is interested in investing in Rembang, Batam, Riau Islands.

"Xinyi is the world's leading glass manufacturing company, controlling more than 20 percent of the world's market share. I visited them some time ago, and they expressed interest in investing in Rembang," Lahadalia informed.

As directed by President Jokowi, he has coordinated with the related ministry, Batam Concession Agency (BP Batam), as well as landowners to support the Chinese investor's investment plan.

Though he was reluctant to provide further details on the results of the visit, including the value of the planned investment from China, Lahadalia assured that the results were quite positive.

He also mentioned that Xinyi Group is planning to build the second-largest glass factory in the world in Indonesia, second only to its main facility in China.

It is expected that the factory will later make Indonesia one of the world's largest solar panel suppliers, he added.

"We do not want Indonesia to advance in the nickel sector only. We also want to utilize the quartz sand. We do not rule out the possibility that in the future, we will also ban quartz sand export," he said.

Xinyi Group, the parent company of Xinyi Glass and Xinyi Solar, is a Hong Kong-based multinational with operations worldwide.

The company is one of the largest glass producers, with a wide range of glass products used in the automotive, construction, and energy sectors.

Xinyi Group is also the global leader in solar panel manufacturing, leveraging advanced and sustainable technologies to support the global transition to renewable energy.

Indonesia poised to become a major solar panel supplier: Minister - ANTARA News

Indonesia has the potential to become one of the world's largest solar panel suppliers by utilizing its reserves of quartz sand or silica sand, Minister ...

en.antaranews.com

 

[Indos]

Statista Racing Bar Animations: The World's Manufacturing Superpowers​

 

[Indos]

Indonesia's July inflation rate slows to 3.08% y/y

Indonesia's annual inflation rate cooled further to 3.08% in July, moving closer to the middle of the central bank's target range and roughly in line with expectations, data from the statistics bureau showed on Tuesday.

www.reuters.com

 

[Indos]

https://think.ing.com/snaps/indonesia-2q-gdp-surprised-on-the-upside/