Government's oil reforms attract foreign investors

JAKARTA (JP): The government's recent moves to reform the country's oil and gas policy is attracting foreign investors looking for investment opportunities in the country, a seminar organizer said on Tuesday.

Alan Solowiejczyk, chief executive officer of South East Asia Conference and Exhibition Co (SEACE), said about 200 foreign investors, including potential new investors, had confirmed their participation in the Indonesian International Oil and Gas Exhibition and Conference (IIOGE) '99.

Potential investors hoped the country's new oil and gas policy would provide greater opportunities for them to invest in the country in competition with investors who have long operated in the country.

The exhibition and conference, which will be organized by SEACE and PT Rantai Expo International and supported by the Indonesian government, will be held from September 7 to September 10 in Nusa Dua Bali.

"The new investors come from among other places China and Brazil," Solowiejczyk said.

Minister of Mines and Energy Kuntoro Mangkusubroto said on Tuesday he fully supported the event and called on companies to participate in the seminar.

"IIOGE '99 will provide a much needed forum in which international public and private sector companies can meet to discuss the reforms that are currently overtaking the Indonesian energy industry.

"These reforms will affect all aspects of the industry and will comprise the most extensive restructuring of state oil and gas operations since the foundation of the Republic of Indonesia," said Kuntoro, who will be a keynote speaker at the seminar.

Other keynote speakers include Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Rilwanu Lukman and Pertamina's president Martiono Hadianto.

The organizing committee has invited several noted overseas figures to speak at the forum, including Kuwait's Minister of Oil Sheik Saud Nasser Al Sabah, Japan's Minister of International Trade and Industry Kaoru Yosano and Minister of Land and Resources of the People's Republic of China Zhou Yong Kang. (jsk)