Pak energy companies, banks asked to explore Indonesia


Islamabad, MTT News Desk: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday said Pakistani oil and gas companies can operate comfortably in Indonesia and make reasonable profits.

Energy demand in Indonesia is growing by 7 per cent per annum which has created demand for foreign capital and expertise in oil and gas and renewable energy sectors, said Atif Ikram Sheikh, Chairman Coordination FPCCI Capital office.

Speaking to business community, he said that oil and gas companies in Indonesia will invest USD 32 billion in two years to drill for energy but there is a lot of room for more investments.

Atif Ikram Sheikh who is also Senior Vice Chairman of Pakistan Vanaspati Manufacturers Association said that Pakistani energy companies are already working in many countries but they have yet to step into lucrative Indonesian market.

Southeast Asias largest energy producer and consumer is ready to welcome Pakistani companies, give them profitable oil blocks, and support them through exemplary oil and gas regulations and enabling investment laws, he said.

The consumption of oil in Indonesia stands at 1,500,000 barrels per day (bpd) a day with local supply recorded at 900,000 bpd while rest of demand is fulfilled through imports, he added.

Atif said that Pakistani banking companies can also expand their overseas operations to the largest ASEAN economy as Pakistans entire palm oil imports worth over two billion dollars will be shifted to Indonesia from Malaysia within months.

Indonesia, worlds third largest rice consumer is also short of rice supplies which can be exploited by Pakistani exporters, he said.

Pakistan can also seek help from Indonesia which has remained the third-largest generator of geothermal power after US and the Philippines, he informed.

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