Indonesia’s Coordinating Ministry for Economic Affairs has declared that it and ExxonMobil have inked a Memorandum of Understanding (MoU). The deal is expected to rake in an investment of nearly $10 billion.
The petrochemical industry is anticipated to undergo substantial changes as a result of the agreement. The deal will also encourage the advancement of carbon capture and storage (CCS) technology.
Advancing Petrochemical and CCS Development
The collaboration aligns with Indonesia’s broader strategy to enhance its downstream initiatives. It will also help foster job creation and help solidify the country’s commitment to sustainability.
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ExxonMobil has committed to offering extensive training sessions as part of the arrangement. The programs will help the Indonesian workers to develop the required skills and expertise. The intention is to train the workers so that they meet the global competency standards.
Coordinating Minister for Economic Affairs, Airlangga Hartarto, displayed confidence in the collaboration. He believes there will be rapid progress and the project for petrochemical and CCS technology development will soon move into its implementation stage.
A Foundation for Long Term Partnership
The MoU will serve as a foundational framework for establishing a robust and collaborative partnership, including the formation of a Joint Task Force to effectively coordinate strategic actions and ensure the successful realization of this ambitious project.
Minister Hartarto reiterated that this collaboration is in perfect alignment with the government’s overarching objective of cultivating a business friendly and highly competitive investment climate.
He also expressed hope that the execution phase of this innovative petrochemical and CCS technology development project will soon begin. He underlined that this project is on track to become the nation’s first operational CCS project.