Bahlil Says There Are Investors Eyeing Crude Oil Storage Project

Jakarta — Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia said there are already foreign investors interested in building crude oil storage facilities in Indonesia. “The investments are there; the investors are there,” Bahlil told reporters at the Ministry of Energy and Mineral Resources in Jakarta on the evening of Wednesday, 4 March 2026. He said the storage project would involve a mix of foreign and domestic investors, but that the foreign participants do not come from the United States. “The investment is mixed from domestic and abroad, but not the US. It will be built by the private sector,” he added. Consequently, private sector parties will be involved in building the crude oil storage in Indonesia. The aim is to boost Indonesia’s energy resilience by enabling crude oil storage for up to 90 days, from the current 25–26 days. “The President (Prabowo Subianto) has directed us to build the storage urgently. We need survival. If not, we will remain dependent,” he said. It is noted that Indonesia’s energy security has been a societal concern, in the context of the Iran–US–Israel conflict. On Saturday 28 February 2026, the US and Israel launched strikes against targets in Iran, including Tehran. Iran reportedly retaliated with missile attacks on Israel and US military facilities in the region. On Sunday 1 March 2026, US President Donald Trump claimed the death of Iran’s Supreme Leader Ayatollah Ali Khamenei in a joint US-Israel strike. Iran’s government TV confirmed his death. Iranian media reported the Strait of Hormuz had been effectively closed following the attack, although no formal blockade has been announced. The Strait of Hormuz handles around one-fifth of global oil trade and a large portion of LNG exports from Qatar and the United Arab Emirates. About 20% of global daily oil consumption, roughly 20 million barrels, passes through this corridor.