REPUBLIKA.CO.ID, LONDON - British Petroleum (BP) will invest in Indonesia in the amount of 12 billion USD. The agreement will soon be signed.
"Yesterday I met British Petroleum. I said 'do more, invest more'. They get many profits from Indonesia. It is time for them to invest in Indonesia," President Susilo Bambang Yudhoyono said on Saturday as reported by Esthi Maharani from Republika.
The investment will be focused on gas production in Tangguh Train Block III. About 40 percent of the production will be allocated for domestic market while the rest will be exported to Asia Pacific.
He said that in the past agreement, Indonesia did not get many profits. With this re-negotiation, Indonesia gets fair profit.
"BP is a part of the change. I want them to be more real," he said.
A day before, Indonesian Minister of Energy and Mineral Resources, Jero Wacik, and Secretary of State for Energy and Climate Change, Edward Davey, signed memorandum of understanding in energy. Both agreed to improve cooperation in energy.
BP will sign the agreement shortly after all parties close the deal. BP will start operational activity in 2014. Then on 2015, gas production in Tangguh Train III can be marketed.
Bestowed a knighthood
British Foreign Secretary William Hague has expressed his determination to forge strong partnerships with South East Asia, according to Foreign and Commonwealth Office (FCO). Speaking to Parliament Hague said, “As it is a key voice in South East Asia I am determined to work with Indonesia and its neighbouring countries so that we continue to turn these shared values into shared action and realise the benefits of greater freedom, prosperity and security together.”
During three day visit to Britain, SBY recieved lavish royal welcome and was bestowed Knights Grand Cross of the Order of the Bath (GCB), the highest order after Sovereign (the Queen), the Great Master (the Prince of Wales). The honorary tittle was given based on reccomendation by the Secretary of State for Foreign and Commonwealth Affairs.
SBY joins leaders such as US President Ronald Regan, both former French President Jacques Chirac and Nicolas Sarkozy, and Turkish President Abdullah Gül who awarded GCB. Yet, honorary foreign members of GCB are not entitled to the prefix "Sir" that usually provides the rank of Knight/Dame Grand Cross.
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