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NEWS UPDATES 17 October 2009

Indonesia plans 56% increase in energy investment

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Indonesian government has set itself the target of increasing investment in the energy and mineral resources (ESDM) sectors by 56 percent from $18 billion this year to $28.063 billion in 2010, state news agency Antara quoted a cabinet minister as saying.

ESDM Minister Purnomo Yusgiantoro said Friday that the planned investment in 2010 consisted of $15.415 billion on oil and gas, 10.146 billion on electricity and $2.502 on general mining.

"Compared with the investment this year, the investment in 2010 increased by about $18 billion," the minister said.

He expressed optimism that investment in the ESDM sector would increase following the issuance of Law No.4 / 2009 on mineral and coal mining, and Law No. 9 / 2009 on electricity which would provide certainties for businesses. "After all, the government has given a positive sign for a more interesting investment," the minister added.

Director General for Mineral Resources and Geothermal, Bambang Setiawan, said meanwhile that the relatively biggest investment would be made on the geothermal energy following the acceleration of the development of the 10.000 MW power project.

Based a plan, a 4,733 MW power project would be developed until 2014, or 48 percent of the 10.000 MW project. Investment in the geothermal sector is expected to reach $10.853 billion.



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