Bahlil Furious at Downstream Investment in Petrochemicals Minimal News – 2 hours ago

Jakarta, CNBC Indonesia – Minister of Investment and Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia revealed that the realization of downstream investment in the oil and gas sector, especially petrochemicals, reached IDR 14.9 trillion in the third quarter of 2023.

Unfortunately, Bahlil revealed that the investment value in the petrochemical sector is still insufficient. In fact, downstreaming in this sector must be pursued in order to reduce imports.

“We have to push for ethanol, methanol and LPG because we still import 7 million tons per year. Our targeted subsidy for LPG this year is predicted to be almost IDR 100 trillion,” said Bahlil, at the Third Quarter 2023 Investment Realization Press Conference, Friday (20 /10/2023).

Bahlil also stated that the President encouraged efforts to find alternatives to make LPG. However, it is hoped that domestically developed LPG will not be more expensive than imported LPG. He hopes that state-owned companies can intervene in this matter.

Bahlil said that his party had a meeting with SKK Migas to discuss the downstreaming of ethanol, blue ammonia, LPG and fertilizer. “This is very dangerous, you know, because our imports are almost 7 million tons (of gas), how many hundreds of trillions could come out,” he stressed.

[Gambas:Video CNBC]

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Originally posted 2023-10-20 05:50:07.