Prabowo Witnesses Rp 650 Trillion in MoUs Signed in Washington — Here Is the Full List

PT Pertamina (Persero) and Freeport-McMoRan Inc. (FCX) signed a number of memoranda of understanding (MoUs) with business partners at the US Business Summit, held at the Chamber of Commerce in Washington D.C., United States.

The signing was witnessed by President Prabowo Subianto and business representatives from both countries.

Pertamina signed an MoU with US upstream oil and gas services company Halliburton Co. for cooperation in well optimisation, or enhanced oil recovery (EOR). Halliburton is known for providing technology, equipment, and technical services for upstream oil and gas operations ranging from exploration and production to the maintenance of ageing wells.

Meanwhile, Freeport-McMoRan signed an MoU with the Ministry of Investment and Downstream Industries/BKPM as well as BPI Danantara, focusing on critical mineral development. The agreement forms part of efforts to drive investment and strengthen value addition within Indonesia’s mineral downstream processing chain.

The Indonesian Chamber of Commerce and Industry (Kadin) recorded a total of 10 MoUs and one cooperation agreement signed throughout the summit, with a combined nominal value of US$34.8 billion, or approximately Rp 650 trillion (at an exchange rate of Rp 16,398 per dollar). The agreements cover the energy, food, industrial, and technology sectors, with the aim of strengthening cooperation and economic growth between the two countries.

The US Business Summit was also attended by several Red and White Cabinet officials, including Coordinating Minister for Economic Affairs Airlangga Hartarto, Minister of Energy and Mineral Resources Bahlil Lahadalia, and Head of BKPM and CEO of Danantara Rosan Perkasa Roeslani.

From the business community, attendees included Kadin Indonesia Chairman Anindya Bakrie, Indonesian Employers’ Association (Apindo) Chairwoman Shinta Widjaja Kamdani, USABC CEO Brian McFeeters, USINDO President David Merrill, and senior executives from global companies such as ExxonMobil, Caterpillar, Cargill, S&P Global, and PepsiCo.

The strategic MoUs signed included:

• Critical Minerals — Freeport and the Minister of Investment/CEO of Danantara
• Oilfield Recovery — Pertamina and Halliburton
• Corn and Cotton — Sorini Agro Asia, Cargill, Busana Apparel, Daehan Global
• Shredded Worn Clothing — Pan Brothers and Ravel
• Furniture — ASMINDO, HIMKI, Bingaman & Son Lumber, American Hardwood Export Council
• Semiconductors — Galang Bumi Industri, Essence, Tynergy Technology Group
• Transnational Free Trade Zone Friendship Pact — Galang Bumi Industri and Solanna Group LLC

According to Kadin, the implementation of the negotiated Reciprocal Trade Agreement was a key focus of discussions, particularly in optimising policy relaxation to support investment and trade between Indonesia and the United States.