PT Pertamina has signed a partnership with an oil company from the United Arab Emirates, Abu Dhabi National Oil Company (ADNOC), for the supply of Liquefied Petroleum Gas (LPG) worth US $ 2 billion or Rp 28 trillion (exchange rate of Rp 14,000 per US dollar).
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said that this cooperation is one of seven cooperation agreements signed by the Government of Indonesia and the Government of the United Arab Emirates.
"These are all first steps to build better relations between the two countries and we will continue to support each other's economic growth in Indonesia and the United Arab Emirates," Luhut said at the 2021 Indonesia-Emirates Virtual Press Conference.
The Minister of Energy and Infrastructure of the United Arab Emirates Suhail Al Mazroui explained that the LPG contract is a full years contract for the next four years.
"More than US $ 500 million per year and a total of around US $ 2 billion. This is substantial considering the four-year contract," he said.
Suhail added that in the future, Indonesia would be a priority for investment activities in the United Arab Emirates. In addition, a number of collaborations that have been agreed upon are the first steps in a series of cooperation between the two countries in the future.
However, both parties have not disclosed further about the volume of LPG that will be supplied by ADNOC to Pertamina.
Kontan, Page-13, Monday, March 8, 2021
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