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PRESIDENT PROMISES TO IMPROVE INVESTMENT CLIMATE IN OIL/GAS SECTOR
Jakarta -
President Susilo Bambang Yudhoyono in Jakarta on Monday (14/05)
promised to improve the business and investment climate in the oil
and gas sector in a bid to attract foreign investors into the
country.
"Now is
the right time for foreign investors to invest in Indonesia
following the improvement of the political situation in the
country," Yudhoyono said in his address at the 31st
Conference and Oil/Gas Industry Exhibition in Jakarta on Monday
(14/05).
Pointing
out that the present skyrocketing oil prices would increase
exploration and production, the president said the government was
actively conducting energy policy reforms which would lead to
economic improvement.
"As part
of the government’s efforts to create a conducive investment
climate, the House of Representatives (DPR) is about to complete the
law on mining," Yudhoyono said.
To the
business people present at the conference, the Head of State said
that the investment climate would be better if there was an
improvement in regulations which did not create conflicts in oil/gas
industrial development.
"The
government has continued to clamp down on oil smuggling and as a
result the frequency of the illegal activity has declined,"
Yudhoyono said. Therefore, the president called on foreign investors
and business people in the oil/gas sectors to invest in Indonesia
following the creation of a conducive political and investment
climate.
He said
that national oil production at present was around 1 million barrels
per day but the figure would remain insufficient if there was no new
exploration. “If there is no new exploration, there will be a new
problem in the national economy," Yudhoyono said.
The 31st
Conference and Oil/Gas Industry Exhibition, organized by the
Indonesian Petroleum Association would last from May 14 to 16. The
conference was attended by around 1,600 participants, while the
exhibition was participated in by about 100 companies from several
countries (Antara, 14/05/07).
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