JakartaGlobe-Dec 21

State-owned oil and gas firm Pertamina is planning to make an investment worth $900 million in Algeria over the next decades, according to Foreign Minister Retno Marsudi. The minister has just concluded a bilateral meeting with her Algerian counterpart Ahmed Attaf in Algiers. Indonesia’s huge investment in the Algerian energy sector became a key theme during the talks, as Pertamina had long been investing in the North African nation.  “We welcomed another plan of investment from Pertamina of $900 million until 2048 in the Algerian energy sector,” Retno said in a press statement on Wednesday. “Pertamina is ready to continue expanding their investment in Algeria, including in new areas such as refinery and decarbonization,” Retno said. Indonesia does not want the economic ties with Algeria to be limited to the petroleum sector. Retno added: “We hope to broaden our economic cooperation beyond the petroleum sector through various joint projects in electricity, mining, renewable energy, and Minister Attaf also mentioned agriculture, fisheries, and other sectors.” The bilateral meeting also saw the signing of a memorandum of understanding (MoU) on energy and mining cooperation. According to Retno, the MoU is expected to strengthen government-to-government (G2G) and business-to-business (B2B) cooperation in the said sectors. Pertamina Internasional EP (PIEP) is part of the oil giant’s upstream subholding and is in charge of handling the working areas overseas. PIEP is operating the working areas in Algeria via the Pertamina Algeria EP (PAEP). Since May 2014, PAEP has been fully operating the Menzel Ledjmet Nord (MLN) oil field of which Pertamina has a 65-percent controlling interest. Read more at: https://jakartaglobe.id/business/indonesias-pertamina-to-invest-900-million-in-algeria-minister