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Indonesia, South Korea to sign mining, oil and gas deals worth US$8.5 billion


Indonesia and South Korea will sign US$8.5 billion in mining, oil and gas investment cooperation agreements this week, Indonesia's Ministry of Energy and Mineral Resources said Monday. The contracts are mainly for projects in Indonesia and reflect South Korea's aim to secure more energy resources to meet growing domestic demand. Indonesian President Susilo Bambang Yudhoyono, visiting South Korea from Monday until Wednesday, will oversee the signing of a US$5.5 billion direct coal liquefaction project in Kalimantan Timur, said a release from the ministry. The project will bring together Indonesia's PT Nuansa Cipta Coal Investment and South Korea's Kenertec Co., Posco Engineering & Construction Co. and Samsung Securities Co. Indonesia's state-owned railway company PT Kereta Api and Cipta Coal Investment will also pair up with Kenertec and Posco for a US$2 billion project to build coal transportation infrastructure in EastKalimantan. The remaining deals - all of which are still preliminary - include oil and gas exploration and production projects and the development of a petroleum gas plant in southern Sumatra, the ministry said

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