UAE Eyeing Petrochemicals Investment

Jumat, 13 Maret 2009 - 15:21 WIB

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VIVAnews - United Arab Emirates (UAE) will be focusing its investment in Indonesia on three sectors; one of which is petrochemicals. The UAE sees that the regulation on this sector is quite promising.

"The meeting resulted in an agreement to develop petrochemicals, food security, and electricity infrastructure," said Head of Capital Investment Coordinating Agency M. Lutfi on Friday, March 13.

Lutfi said that the UAE is interested in petrochemicals sector because they view that the regulation on oil refinery in Indonesia is quite promising. "The value of the investment is still unknown. One refinery having the capacity of 330,000 barrels per day requires US$4.5 billion," he said.

Lutfi explained that the development in the food security sector will resemble that of the Saudi Arabia's, which invests in Agricultural sector in Ethiopia. "Saudi Arabia develops agriculture in Ethiopia to supply their domestic needs," he said. There are only two countries in Asia that can apply their concept of agricultural development: Indonesia and Myanmar.