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
Billionaires Among Thousands of Indonesians Found in Secret Offshore Documents By Nicky Hager April 9, 2013, 8:15 pm Nine of Indonesia’s 11 richest families have found shelter in tropical tax havens, holding ownership of more than 190 offshore trusts and companies, secret records obtained by the International Consortium of Investigative Journalists show. The nine families, worth an estimated $36 billion among them, are at the top of a wealthy class that dominates Indonesia’s politics and economy. Six were closely tied to the late dictator Suharto, who helped a special circle of Indonesians grow rich during his 31-year rule by granting economic fiefdoms to family and friends. The billionaires are among nearly 2,500 Indonesians found in the files of Singapore-headquart ered offshore services provider Portcullis TrustNet, which ICIJ has been analyzing and began reporting on last week. Although there is no evidence in the files of illegality by any of the ni...
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