Indonesia, UAE Firms Sign Agreements Worth $9.7 B
Companies in Indonesia and the United Arab Emirates have signed agreements worth a total of $9.7 billion. Abu Dhabi National Oil Company (ADNOC) signed an agreement with Indonesia’s state-owned energy company PT Pertamina for oil and gas collaboration in both countries and globally, which has a potential value of $2.5 billion. ADNOC said the deal covered projects in the UAE upstream oil and gas sector as well as refining and petrochemicals, LNG, LPG, aviation fuel and fuel retail opportunities in Indonesia. Indonesia’s Chandra Asri Petrochemical also signed an agreement with Abu Dhabi’s state fund Mubadala and Austrian energy firm OMV to explore opportunities in petrochemicals, the three companies said in a joint statement. The foreign ministry said the three were exploring the development of a naphtha cracker and petrochemical complex, with a potential value of $6 billion. Source: Hydrocarbon Processing, 7/25/2019.