Indonesian Political, Business & Finance News

Archive: 12 March 2026

Showing 1,501-1,550 of 2,010 articles

Ten Global Giant Companies Facing Bankruptcy Risk Due to Iran Conflict

Geopolitical tensions involving the United States, Israel, and Iran threaten the operational stability of ten major multinational corporations, with particular focus on disruptions to the Strait of Hormuz, through which approximately 21% of global oil consumption and critical commodities flow. Regional energy giants including Saudi Aramco, QatarEnergy, and Emirates face significant risks from shipping insurance costs, supply chain disruptions, and restricted air routes, whilst international logistics firms Maersk and MSC have already rerouted shipments, adding two weeks to transit times and raising global container shipping costs. The crisis extends beyond energy to affect manufacturing supply chains globally, with potential financial losses for Japanese trading company Mitsui & Co. and telecommunications infrastructure threats to Iran's Mobile Telecommunication Company.

Bank BJB targets fishermen in Cirebon for financial literacy programme

PT Bank Pembangunan Daerah Jawa Barat dan Banten (Bank BJB) has launched a financial literacy and inclusion programme targeting fishing communities in Cirebon District, West Java, to strengthen household financial management and support the coastal economy. The initiative, titled "Bahari Tangguh, Ekonomi Maju" (Resilient Ocean, Thriving Economy), was held on 2 March 2026 in Kampung Nelayan Merah Putih village and involves collaboration with the Financial Services Authority, the House of Representatives Commission XI, and the Cirebon District Government.

President Prabowo Urges Danantara to Boost ROA Above 5 Per Cent

President Prabowo Subianto has set a performance target for Danantara (Investment Management Agency of Future Indonesia) to achieve a return on assets (ROA) exceeding 5 per cent, a profitability ratio measuring the company's ability to generate net profit using total assets. The directive was announced during the Squawk Box CNBC Indonesia programme on 12 March 2026.

DKI to evaluate new fares for Transjabodetabek Blok M-Soetta route

Jakarta Governor Pramono Anung Wibowo announced that the provincial government will maintain fares at IDR3,500 for the new Transjabodetabek SH2 route connecting Blok M to Soekarno Hatta Airport for three months before conducting a fare evaluation. The government is considering raising fares to IDR10,000 or IDR15,000 in the future due to significant subsidy burdens, but will decide after the route completes its initial three-month operating period.

Gold Prices Today 12 March 2026: Antam Products and Global Markets in Free Fall

Gold prices from PT Aneka Tambang (Antam) fell to IDR 3,042,000 per gram on 12 March 2026, down IDR 45,000 from the previous day's trading. Global gold markets also declined, with spot prices dropping 0.2 per cent to USD 5,165.73 per ounce, pressured by a stronger dollar and rising oil prices that have raised concerns about the global economy.

BPJPH: Indonesia's Halal Potential Must Be Optimised Through Cross-Border Cooperation

The Indonesian Halal Product Guarantee Body (BPJPH) has emphasised that Indonesia's substantial halal industry potential must be maximised through international collaboration, citing successful mutual recognition agreements with neighbouring countries such as Thailand. The body is reinforcing mandatory halal certification requirements for both domestic and foreign products entering the market ahead of the 2026 compliance deadline.

Mining Industry Accelerates Low-Carbon Energy Solutions

Indonesia's mining industry is intensifying efforts to transition towards sustainable practices through green mining initiatives, driven by rising energy costs and national emissions reduction targets of 31.89% by 2030. Key solutions include integrating solar power systems with energy storage and fleet electrification to reduce reliance on fossil fuels whilst maintaining operational efficiency and competitiveness in the global energy transition. Industry leaders emphasise that successful implementation requires tailored approaches for each mining site, supported by technology ecosystem readiness and strong collaboration between mining operators, government, and solution providers.

Customs and Excise Revenues Reach Rp44.9 Trillion by February 2026

Indonesia's Ministry of Finance reported that customs and excise revenues totalled Rp44.9 trillion through February 2026, representing a 14.7 per cent contraction compared with the same period last year. The decline was primarily driven by a 13.3 per cent year-on-year drop in excise tax receipts due to reduced production in late 2025, though the government expects recovery as production increases in early 2026 and export duties were hit by weaker crude palm oil prices.

Transjabodetabek Blok M-Soekarno-Hatta Route Opens with Rp 3,500 Promotional Fare

Jakarta Governor Pramono Anung inaugurated the Transjabodetabek bus service between Blok M and Soekarno-Hatta Airport on 12 March 2026, offering a promotional fare of Rp 3,500 for the first three months to encourage adoption ahead of Eid travel season. The route aims to reduce private vehicle usage to the airport, where currently 70-80 per cent of approximately 54.9 million annual passengers rely on personal transport, with fares expected to increase to Rp 10,000-15,000 after the initial evaluation period.

Dutch Colonial Official Criticises Eid Celebration Tradition in Indonesia, Borrowing for New Clothes

A historical account reveals how Dutch colonial officials in the early 1900s criticised Indonesian Muslim communities' lavish Eid celebrations, particularly the tradition of purchasing new clothing and food on credit. Colonial administrators Stienmetz and De Wolff sought to ban Eid festivities citing fiscal concerns and wasteful spending, but Islamic adviser Snouck Hurgronje opposed the prohibition, arguing it was an ingrained religious custom unlikely to change through restrictions. The tradition has persisted to the present day, proving Hurgronje's prediction correct.

Parliament Approves Five Members of Financial Services Authority Board for 2026-2031 Period

The Indonesian House of Representatives has approved five members of the Financial Services Authority (OJK) board for the 2026-2031 term following a fit and proper test conducted by Commission XI. The appointment, recommended by the President and ratified in a plenary session on 12 March 2026, aims to strengthen public confidence in the national financial services industry and support the development of capital markets and financial institutions in Indonesia.

Enforcement operation in Matraman: Officers seize 128 illegal drugs and 15 bottles of alcohol

Joint law enforcement teams seized 128 illegal drugs and 15 bottles of alcohol during an operation in Matraman District, East Jakarta, after discovering a street vendor disguising illegal pharmaceutical sales as cosmetics sales. The operation, carried out in response to social media reports of illegal drug circulation in the area, involved multiple agencies and resulted in the temporary closure of the vendor's shop and a written commitment from the seller to cease illegal sales.

West Sumatra Governor Supports Social Media Access Restrictions for Children Under 16 Years

West Sumatra Governor Mahyeldi Ansharullah has endorsed the central government's policy restricting social media access for children under 16 years old, viewing it as essential for protecting young people from negative digital influences and ensuring their academic focus and character development. The restriction is implemented under Communications and Digital Ministry Regulation No. 9 of 2026, derived from Government Regulation No. 17 of 2025 on Child Protection in Electronic System Governance (PP TUNAS), and complements existing school policies banning mobile phones in classrooms.

Banyumas Regent Ensures Security Readiness for 2026 Eid Homecoming Migration

Banyumas Regent Sadewo Tri Lastiono has confirmed comprehensive security preparations for the 2026 Eid holiday homecoming migration through coordinated efforts between local government, the Indonesian military (TNI), police (Polri), and stakeholders. The regency, identified as one of the top five homecoming destinations, expects significant economic benefits alongside increased passenger volumes, with police deploying 822 personnel and establishing security and service posts at strategic locations along major routes.

Travellers on Jakarta–Merak Toll Road Can Enjoy Healthcare Services During Ramadan Holiday Period

PT Pertamina Patra Niaga has rolled out additional services for travellers using the Jakarta–Merak toll road during the 2026 Ramadan and Eid al-Fitr holiday period, including 24-hour fuel stations and MyPertamina Rest Areas offering healthcare, childcare, and haircut facilities. Vehicle movement to the Banten region is projected to increase by 28.9 per cent during the holiday period, with peak travel expected on 14–15 March and 18–20 March 2026.

When Prabowo Grows Angry Over False Reports and Questions Strange State Enterprise Rules

President Prabowo Subianto issued a stern warning to his officials against submitting false reports designed merely to please him, demanding accurate field-based reporting instead. During a ceremony for Danantara's first anniversary, Prabowo also expressed puzzlement at regulations preventing audits of state-owned enterprise subsidiaries whilst the parent companies themselves must be audited.

Constitutional Court Rules Chronic Illness as Disability: What Comes Next?

Indonesia's Constitutional Court has granted a petition to amend the Disability Law (Law No. 8 of 2016) to recognise chronic diseases as a form of disability, following a case brought by two individuals with chronic illnesses. The court's decision establishes that recognition of chronic disease as disability requires voluntary medical assessment and is not automatically granted by the state, whilst emphasising the importance of ensuring equal access to accommodations in education, health and employment.

Managing THR 2026 Wisely: Prioritise Repayment of 'Expensive Debts' for Liquidity

Financial planner Rista Zwestika advises workers to prioritise repayment of high-interest "expensive debts" such as credit cards and consumer loans when receiving their 2026 religious holiday allowance (THR), rather than attempting to eliminate all debt. However, she recommends maintaining adequate cash reserves and not prioritising low-interest managed debts like mortgages, as preserving liquidity is crucial amid economic uncertainty. The Indonesian Ministry of Manpower has formalised THR payment obligations for all employers under Circular Letter M/3/HK.04.00/III/2026.

Controversy Over Rp 250,000 Salaries for Part-Time PPPK Teachers: West Lombok Education Office Responds

West Lombok's Department of Education and Culture has addressed controversy over part-time PPPK (Government Employees with Work Agreements) teachers receiving only Rp 250,000 monthly salaries, significantly lower than their previous honorarium status of around Rp 760,000. The department clarifies that certified teachers also receive Rp 2 million in professional allowances from the central government, bringing total monthly income to Rp 2.25 million, and cites budget constraints and new regulations preventing the use of operational funds for salaries. However, teachers and regional parliamentarians have protested the arrangement, arguing that salaries should not be reduced upon receiving civil servant status, and the regional legislature has pledged to summon the education office for further discussion.

Jetour Reveals Consumer Response Following T2 Fire Incident

Jetour Indonesia has reported that consumer interest has not been significantly impacted by a T2 vehicle fire incident on the Jagorawi Toll Road in early February 2026, with most prospective buyers continuing their purchase decisions after receiving investigation results. The company stated that whilst some consumers initially inquired about the incident, they proceeded with their purchases once the investigation confirmed it was a pure accident with no product-related factors.

Sentence of Defendant in LPEI Corruption Case Jimmy Marsin Increased to 10 Years Imprisonment

The Jakarta High Court has increased the prison sentence of Jimmy Marsin, principal commissioner of PT Petro Energy, from 8 to 10 years in a corruption case involving improper credit facility provision by the Indonesian Export Financing Institution (LPEI). The court also imposed a fine of Rp 250 million and ordered restitution of USD 32.69 million. The case, involving three defendants including PT Petro Energy's director, is connected to a broader LPEI corruption investigation that has resulted in alleged state losses totalling Rp 11.7 trillion.

Finance Ministry Confident on Debt Servicing Capacity Amid 30% Tax Revenue Growth

Indonesia's Finance Ministry, led by Finance Minister Purbaya Yudhi Sadewa, has expressed confidence in the government's ability to service its debt despite a debt-to-service ratio (DSR) exceeding 42%. The ministry cited strong revenue growth, particularly a 30% increase in tax collections during January-February 2026, alongside improved debt management and a shift towards rupiah-denominated borrowing as key factors supporting fiscal sustainability.

UMKM Credit Growth Slows in Early 2026, Business Operators Remain Reliant on Own Capital

Credit disbursement to micro, small and medium enterprises (MSMEs) remained weak in January 2026, contracting 0.5 per cent year-on-year despite overall banking credit growth accelerating to 9.96 per cent. Working capital credit to MSMEs fell particularly sharply by 4.8 per cent, whilst small and medium-scale enterprises recorded contractions of 1.0 and 1.1 per cent respectively, forcing business operators to rely more heavily on internal capital sources.

Brimob Exchanged Gunfire with Armed Criminal Group During Evacuation of Freeport Employee

Two employees of PT Freeport Indonesia were shot by an armed criminal group (KKB) in the Grasberg mining area in Tembagapura, Mimika, resulting in one fatality identified as Simson Mulia (49). During the evacuation and securing of the body, members of the Brimob tactical unit engaged in a firefight with the armed group, with police currently investigating and pursuing the perpetrators whilst heightening security in the region.

Man Accused of Mutilating Girlfriend Placed in Solitary Confinement Prison Cell, Prison Chief Explains Reasons

Alvi Maulana, a 24-year-old accused of murdering and dismembering his girlfriend Tiara Angelina Saraswati into hundreds of pieces, has been placed in solitary confinement at Mojokerto Class IIB Prison as a precautionary measure. Prison officials have isolated him in a roughly 2x1.5 metre cell to prevent potential violence and to protect other inmates, with the isolation to continue until his case concludes and sentence is determined.

How the suspected murderer in Depok deceived the victim's family

Police in Jakarta have revealed how a 44-year-old man allegedly murdered his unregistered wife in Depok by using coffee powder to mask the smell of decomposition and controlling her mobile phone to prevent family members from becoming suspicious of her absence. The suspect, who learned the deception technique from associates at a fish market, allegedly strangled the 55-year-old woman in October 2025 after she rejected his sexual advances, with her desiccated remains later discovered at their residence.

Thirty Young Muslims Develop Framework for Just Energy Transition at Climate Hijra Workshop

Thirty selected young Muslim leaders, environmental activists, and community representatives participated in a three-day Climate Hijra Workshop (9–11 March 2026) in Bandung, organised by multiple civil society groups to address global climate crisis through Islamic moral and spiritual perspectives. The intensive programme combined spiritual practice with critical climate analysis, practical ecological activities, and campaign strategy, aimed at cultivating Muslim youth leaders who can champion just energy transition and environmental sustainability in Indonesia.

Nadiem Makarim Falls Ill, Chromebook Corruption Trial Adjourned

The corruption trial of former Education, Culture, and Science Minister Nadiem Makarim regarding the alleged embezzlement of Chromebook and Chrome Device Management procurement has been adjourned as the defendant is hospitalised and scheduled for medical surgery. The court postponed the expert witness examination, with the next hearing set for 30 March 2026, pending Makarim's health status. Makarim previously testified for 11 consecutive hours as the crown witness, denying all collusion charges and questioning the prosecution's alleged state loss figure of Rp 2.1 trillion.

Transjabodetabek Blok M-Bandara Soetta Fare Estimated at IDR 15,000: Why the Higher Cost?

Jakarta Governor Pramono Anung has announced that the new Transjabodetabek SH2 shuttle bus service between Blok M and Soekarno-Hatta Airport will charge between IDR 10,000 and IDR 15,000 upon completion of its trial period, significantly higher than the standard IDR 3,500 Transjakarta fare. The higher fare reflects the longer 65.1-kilometre route (approximately 121 minutes travel time) and elevated operational costs, including dedicated new buses and airport parking fees at Jakarta's international terminal. The provincial government is currently offering a three-month promotional rate of IDR 3,500 to coincide with the Eid al-Fitr period and encourage public trial of the new service, with 14 buses operating from 05:00 to 22:00 WIB.

TransJ Blok M-Soetta Fares to Increase After Three-Month Trial Period to Between Rp10,000-15,000

The Jakarta Provincial Government plans to adjust fares for the Transjabodetabek bus service on the Blok M-Soekarno-Hatta Airport route from the current introductory rate of Rp3,500 to between Rp10,000 and Rp15,000 following a three-month trial period. Governor Pramono Anung stated that the initial low fare was designed to attract users to the new service, and the adjustment is necessary due to high operational costs and government subsidies, though the new fares would remain substantially cheaper than competing transport options such as Damri (Rp80,000) and ride-hailing services.

US Intelligence: Iranian Regime Strong—Will Not Collapse Despite Bombardment

US intelligence assessments indicate that Iran's leadership structure remains largely intact and shows no immediate signs of collapse following nearly two weeks of intensive bombardment by American and Israeli forces. Despite the assassination of Supreme Leader Ayatollah Ali Khamenei and numerous senior officials, the clerical establishment has maintained control and installed his son Mojtaba as the new supreme leader, suggesting regime stability despite mounting military pressure and rising geopolitical tensions.

Pertamina Ready to Serve Energy Needs at Congested Toll Expressway Points for Homebound Travellers

PT Pertamina's subsidiary Pertamina Patra Niaga is preparing to serve fuel and energy needs at high-traffic rest areas on major toll expressways, particularly at Rest Area KM 57 on the Jakarta-Cikampek toll route during the Ramadan and Eid holiday season. The company has deployed modular fuel units, mobile fuel assistance, and free facilities including the MyPertamina Lounge to manage anticipated surges in fuel consumption and provide comfort to homebound travellers.

Cost of US War Against Iran in Six Days Reaches Rp190 Trillion

The United States military expenditure in its six-day conflict with Iran has exceeded US$11.3 billion (approximately Rp190 trillion), according to briefings provided by the Trump administration to Congress. The preliminary figure does not reflect total costs, with defence ammunition alone consuming US$5.6 billion in the first two days, whilst officials anticipate additional funding requests potentially reaching US$50 billion as concerns mount over depleted military supplies.

Indonesia to Deploy 8,000 Military Personnel to Gaza, Not 20,000

Indonesia has revised its plan to reduce the deployment of TNI (Indonesian Armed Forces) personnel to Gaza from an originally intended 20,000 to 8,000 troops for UN peacekeeping operations. Defence Minister Sjafrie Sjamsoeddin cited the approach taken by other nations, which have sent only hundreds of personnel, prompting Indonesia's adjustment. The deployment remains conditional upon the prevailing security situation and alignment with national interests.

Public Works Minister: Road Stability at 93.5 Per Cent to Support Lebaran Exodus

Indonesia's Public Works Minister Dody Hanggodo announced that non-toll national roads have achieved 93.5 per cent stability across 47,603 kilometres nationwide, ensuring readiness for the Lebaran exodus and return period in 2026. The government has also mobilised additional toll road networks, with 10 supplementary toll road segments totalling approximately 291 kilometres operational during the Lebaran period, alongside expanded rest area facilities to support an estimated 143.9 million travellers.

Household Worker Protection Bill Established as Parliamentary Initiative

Indonesia's parliament has unanimously approved the Household Worker Protection Bill (PPRT) as a legislative initiative, marking a significant step towards strengthening protections for domestic workers. The bill proposes comprehensive safeguards including healthcare and employment insurance, prohibition of wage deductions by placement agencies, and mandatory vocational training for prospective workers. The legislation will now advance to further discussions involving the government and public participation.

Nadiem Admitted to Hospital, Chromebook Trial Hearing Postponed to 30 March

Former Education, Culture and Technology Minister Nadiem Makarim has been admitted to hospital following an intensive examination during previous court sessions, necessitating the postponement of an expert witness hearing in his alleged corruption case regarding Chromebook laptop procurement. The court scheduled the next hearing for 30 March 2026, allowing time for Makarim to undergo surgery on 17 March and recovery. Makarim revealed that MRI results showed a deterioration in his health, with a reinfection at the site of a previous operation.

Testing the Implementation of Good Corporate Governance in State-Owned Enterprise Management

This opinion piece examines the implementation of Good Corporate Governance (GCG) principles in Indonesian State-Owned Enterprises (BUMN), highlighting that whilst regulatory frameworks such as the 2023 BUMN Ministry regulation and the 2025 BUMN Law have been strengthened, practical implementation remains inconsistent and vulnerable to political intervention. The article argues that the primary challenge is no longer regulatory availability but rather ensuring consistent application of GCG principles to maintain the integrity of state asset management and prevent corporate inefficiency and state losses.

Free express ferry service for homecoming travel in Situbondo

The Indonesian Ministry of Transport is providing free express ferry services for homecoming (mudik) and return travel between Jangkar Port in Situbondo and the islands of Raas and Sapudi in Sumenep. The service accommodates 400 passengers total, with 250 receiving complimentary tickets and 150 paying passengers charged Rp230,000 (approximately USD 15) per ticket.

Police Traffic Commander Ensures State Serves Mudik Travellers: Duty is Honour

Indonesia's National Traffic Police (Korlantas) has declared full readiness to manage the Eid 2026 exodus and return migration, with Commander Irjen Agus Suryonugroho pledging comprehensive service through the "Safe Mudik, Happy Family" operation. The force will deploy advanced technology including precision drone traffic monitoring and dynamic traffic engineering—adjusting one-way systems and contraflow lanes based on real-time vehicle counts rather than manual predictions—whilst also leveraging a culturally-sensitive safety campaign through a song to encourage public compliance.

BRI Insurance Educates Hundreds of Students in Surabaya on Insurance

BRI Insurance conducted a financial literacy programme on 5 March 2026 at Universitas Ciputra in Surabaya, educating over 500 students and community members about insurance coverage and financial inclusion. The initiative forms part of BRI Insurance's commitment to supporting the Financial Services Authority's broader agenda to improve financial literacy and insurance access across Indonesia, particularly among underserved populations.

Government Negotiates to Free Two Pertamina Vessels from Arabian Gulf; Bahlil: Let's Hope, Yes

The Indonesian government is negotiating with Middle Eastern authorities to secure the release of two Pertamina oil tankers, the VLCC Pertamina Pride and Gamsunoro, currently stranded in the conflict zone. The vessels are awaiting safe passage through the Strait of Hormuz to ensure the country's uninterrupted fuel supply chain.

Yang Chaobin from Huawei: Building a Smarter World with 5G-A and U6GHz

Huawei's CEO Yang Chaobin called for accelerated deployment of 5G-Advanced (5G-A) and U6GHz spectrum utilisation to support the rapid growth of artificial intelligence applications and cellular networks. He highlighted that 5G-A serves as a critical bridge to sixth-generation networks whilst emphasising the need to address the digital divide affecting approximately 300 million people globally who lack cellular access through cost-effective solutions like Huawei's RuralStar programme, which has already connected 170 million people across 80 countries.

The Colouration of Stripes on the Tiger

This article examines the scientific and evolutionary basis for the orange and black stripe colouration of the Sumatran tiger, explaining how these colours result from specific pigment distributions controlled by genetic mechanisms and serve as effective camouflage within the rainforest environment. The article details how the tiger's distinctive stripes function through disruptive coloration to break up the animal's silhouette, and notes that the tighter, finer striping pattern of the Sumatran tiger represents an ecological adaptation to the dense vegetation and low-light conditions of Sumatran rainforests, distinguishing it from northern subspecies such as the Siberian tiger.

Boy Thohir's ADRO Plans 4 Trillion Rupiah Share Buyback

PT Alamtri Resources Indonesia (ADRO), owned by conglomerate Boy Thohir, plans to conduct a share buyback of up to 4 trillion rupiah over the next 12 months following shareholder approval at its annual general meeting on 17 April 2026. The company previously completed a buyback of 33 million shares (0.11% of issued capital) between 16 May and 2 June 2025 during volatile market conditions.

Two PIS Ships Have Exited Conflict Zone, Company Affirms Crew Safety

PT Pertamina International Shipping has confirmed that two of its four vessels, PIS Paragon and PIS Rinjani, have successfully exited the Middle East conflict zone by 10 March 2026, bypassing the Strait of Hormuz. The company emphasises that crew safety and cargo security remain paramount priorities, whilst two other tankers remain in the Arabian Gulf awaiting safe passage through the strait, though Pertamina's fleet of 345 vessels ensures domestic energy supply remains unaffected.

Parliament approves five OJK financial services authority commissioners for 2026-2031

The Indonesian parliament plenary session on Thursday approved five members of the Financial Services Authority (OJK) board of commissioners for the 2026-2031 period, following successful fitness and propriety tests conducted by Commission XI. The approved appointees include Friderica Widyasari Dewi as chair, Hernawan Bekti Sasongko as vice chair, and three executive heads overseeing capital markets, consumer protection, and financial technology innovation respectively.

Bota Launches SAION AI – "Physical AI" Platform for Biomanufacturing

Bota has unveiled SAION AI, the first Physical AI platform designed specifically for biomanufacturing, which integrates cognitive, orchestration, and execution capabilities through unified experiments to optimise biological discovery and manufacturing processes. The three-layered architecture combines large language models with real-world laboratory execution, drawing on tens of millions of experimental data points and scientific publications, and has demonstrated performance exceeding 88% accuracy across multiple biotechnology benchmarks. This development represents a significant step towards autonomous biomanufacturing, transforming biological research from trial-and-error methods into systematic engineering disciplines that accelerate scientific discovery and industrial-scale production.

5,000 Combined Personnel Secure Operasi Ketupat 2026 in Bogor Regency

Approximately 5,000 combined personnel from the Indonesian military (TNI), police (Polri), and other government agencies have been deployed to secure Bogor Regency, West Java during Operasi Ketupat 2026, which runs from 13-25 March 2026. The operation aims to manage the Lebaran exodus and return traffic, with 14 security posts established across the regency plus an integrated service post at Gadog that will provide facilities including electric vehicle charging stations and prayer rooms for the public.

Indonesia Prepares New Oil Storage Tanks, Bahlil Reveals Investors Already Lined Up

Indonesia's Energy Minister Bahlil Lahadalia has announced that private investors are ready to construct new crude oil storage facilities to increase the country's storage capacity from the current 25 days to three months. The minister emphasised that private sector investment is essential since the state budget only accounts for 16% of Indonesia's economic activity, with transactions to be conducted in rupiah to preserve foreign exchange reserves.