Saudi Arabia and Indonesia Ink $27 Billion Worth of Oil and Energy Deals
“The amount of total investment being discussed is close to the trade turnover between the two countries over the last five years, which stood at $31.5 billion, according to Reuters. Among the deals being discussed is a low-carbon energy venture between Saudi ACWA Power and Indonesia’s sovereign wealth fund Danantara and state oil major Pertamina.”
“Saudi Arabia has been working to secure long-term demand for its top export commodity through partnerships in countries that consume a lot of oil. China has been among them, as have other Asian nations such as India, with which the Saudis are currently in talks for the construction of a new refinery. Last November, Aramco and Sinopec broke ground on their joint $10-billion refinery project.”
“The country is currently producing around 600,000 barrels of crude daily but wants to boost this to 1 million bpd by 2030, through both new exploration and production revival at old wells. To that end, Indonesia is inviting oilfield service providers that have the technology to turn idle wells into producing ones again to partner with local industry players. The government is also planning to offer another 74 new oil and gas blocks to potential developers.”