Following a requirement to use domestic banks for their banking transactions, oil and gas contractors have so far made US$1.8 billion worth of transaction commitments through local banks, or 64.29 percent of the companies’ total expenses in the first half of the year.

Spending by 60 oil and gas contractors already producing in Indonesia is estimated to reach US $15 billion this year, an official predicted.Around 65 percent or US $9.75 billion will be spent on goods and services, Hardiono, a deputy at the upstream oil and gas regulator BP Migas said.

Notwithstanding regular complaints from local firms about disguised protectionism overseas, the country’s most influential business association appears to want the government to resort to similar tactics to stem a predicted flood of Chinese imports riding on the back of the Asean-China Free Trade...

The rupiah completed a fifth month of gains, its longest winning streak in three years, as overseas investors added to holdings of the nation’s stocks due to the outlook for economic growth.The rupiah is Asia’s top-performing currency so far this year, with a 9.