Indonesia sees decreased investment in energy, mining

Indonesia has attracted an estimated 22.33 billion USD in investment in energy and mining in 2020, lower than 31.9 billion USD recorded last year and the target of 36 billion USD set for 2020, according to Ministry of Environment and Mineral Resources (EMR).

Wednesday, December 16, 2020 09:24

Jakarta (VNA) – Indonesia has attracted anestimated 22.33 billion USD in investment in energy and mining in 2020, lowerthan 31.9 billion USD recorded last year and the target of 36 billion USD setfor 2020, according to Ministry of Environment and Mineral Resources (EMR).

EMR Secretary General Ego Syahriah said that as of October2020, 17.7 billion USD was poured into the field, including 8.1 billion USD inoil and gas, and 5.8 billion USD in electricity, 2.8 billion USD in mining andcoal, and 900 billion USD in renewable energy.

However, he showed optimism that in 2021, investment inenergy and mining will recover to 37.2 billion USD.

Indonesia's upstreamoil and gas regulator SKK Migassaid that global investment in the field is forecast to reduce about 30 percentto 228 billion USD this year, far below the initial target of 325 billion USD dueto impacts of the COVID-19 pandemic and fall in oil price.

In order to attractmore investment in the area, the Indonesian Government has applied a number ofmeasures and renovated policies, including nine investment stimulation packagesand tax and fee reduction and payment date extension.

According to theEMR, Indonesian Crude Price (ICP) rose to 42 USD per barrel in lateSeptember, higher than the country’s expectation of 38 USD per barrel. The oiland gas sector is estimated to contribute 6.99 billion USD to the country’sstate budget in 2020, higher than the earlier forecast of 5.86 billion USD./.

VNA

#Indonesia #energy and mining #EMR Secretary General Ego Syahriah #renewable energy #SKK Migas #COVID-19 pandemic #Vietnam #Vietnam news #Vietnam News Agency Indonesia

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