Fri, 08 May 2009
Asia Pulse Pte Ltd

Indonesian President Susilo Bambang Yudhohono said the government has set itself the target of attracting US$16.6 billion in investment in the oil and gas sector this year.

"Investment in Indonesia is still attractive to business players. In the oil and gas sector, the value of investment reached US$12.9 billion in 2008 and our target for this year has been set at US$16.6 billion," the president said when opening a convention of the Indonesia Petroleum Association (IPA) here on Tuesday.

He said Indonesia intended to boost its oil production by intensifying and expanding its exploration activities. "We have a lot of oil fields which have not yet been explored," he said.

According to the president, the performance of the oil industry as one of the pillars of the Indonesian economy was reason for optimism to the government in its efforts to cope with the impact of the global economic crisis.

"Oil and gas industries contributed 21 per cent of export earnings and 32 per cent of the government`s revenues," he said.

Therefore, Indonesia continued to commit itself to creating an investment climate benefiting the country, the president said.

Yudhoyono said that national and foreign investors could take advantage of that adding that Indonesia had prepared attractive investment and fiscal policy incentive packages.

He said the government was also taking a number of steps to overcome problems relating to taxation in oil and gas investment and to create a conducive investment climate.

The government would do its best so that oil and gas would be exploited in such a way that it would benefit the nation and investors, including the development of a environment-friendly concept and access to energy for the poor.

The president said that by investing in the oil and gas sector, investors will do their best not only for the future of Indonesia but also for a better world.



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