Kuwait and Indonesia in refinery JV

Apr 28, 1997 02:00 AM

Kuwait is planning to construct an oil refinery in Indonesia, as part of its drive to boost investments abroad. Indonesian Foreign Minister Ali Alatas said that the oil refinery project would be carried out as a joint venture with an Indonesian company.
Ibrahim Yusuf, director for Africa and the Middle East at the foreign ministry, said Alatas' current visit to Kuwait and Oman was part of Indonesia's plan to ensure smooth supplies of energy when the country was no longer able to sustain energy self-sufficiency. Indonesia's oil reserves are feared to be exhausted in the next 10 to 20 years, thus Jakarta's lobbying to other oil-producing countries must be intensified now, Yusuf said.
With Kuwait's readiness to invest in an oil refinery in Indonesia, he added, it was evident that the foreign minister's approach had been successful.
Indonesia and Kuwait have long-established trade relations. Latest data show that trade between the two countries jumped from $ 45.6 mm in 1992 to $ 260 mm last year.
Until 1992, Indonesia had enjoyed a surplus in its trade with the oil-rich emirate. In 1993, however, it started to suffer a deficit as it began importing diesel oil - up to 1 mm tons every year.

Source: not available
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