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Indonesia, UAE Sign Business Deals

Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors. The deals were signed between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed and President Joko Widodo during an official visit to Abu Dhabi. Widodo, who began his second term in office in October, is keen for an increase in foreign investment to help create jobs and boost growth in Southeast Asia’s biggest economy, where economic growth has hovered at around 5% for several years.

In the petrochemical and gas sectors, Abu Dhabi National Oil Company (ADNOC) signed deals with Indonesian companies PT Pertamina PERTM.UL and PT Chandra Asri Petrochemicals TPIA.JK, UAE. It  included an agreement for ADNOC to supply 528,000 tonnes of liquid petroleum gas (LPG) to Pertamina by the end of 2020. Pertamina and ADNOC signed a memorandum of understanding to explore the potential development of a petrochemicals complex in Balongan, West Java, ADNOC. Widodo said five agreements were also signed between the governments. They covered education, health, agriculture and counter-terrorism.

source: nasdaq