Indonesia’s Energy and Mineral Resources Minister Sudirman Said said that Omani investors may invest up to $7 billion in oil and gas projects in the country, the Jakarta Globe reports.
According to the report, the minister says that a number of investors from Oman have expressed interests in developing oil and gas tanks, a refinery, and a petrochemical plant in Indonesia.
Plans to build a refinery are entering early preparation stages, with investors now in the process of securing the necessary permits from Indonesian authorities, the report said.
The minister added that Oman is ready to supply crude oil to the oil-importing nation.
The minister declined to name the investors, but said that the current administration has been making efforts to establish a relationship with oil-producing countries, especially those from the Middle East like Oman, and seeking to attract oil and gas investments.
The country is hoping to secure oil supplies and confirm contracts with Middle Eastern producers at lower prices.
“We are a big buyer [of oil and gas]. It’s normal for us to search for the best deal,” the minister said, adding that the current demand for gasoline in Indonesia is around 1.5 million barrels per day (bpd).
Production from oil and gas companies in Indonesia is around 800,000 bpd, however not all of it can be processed at its domestic refineries.
“There is a dire need for about 600,000-700,000 bpd of both crude and refined products,” the minister warned.