“This project carries significant strategic value, with an estimated investment of US$10 billion.

“We hope it will have a substantial impact on Indonesia’s development across multiple sectors,” coordinating minister for economic affairs Airlangga Hartarto said today.

He expressed optimism that the development of CCS technology could reduce carbon dioxide (CO2) emissions by 90%.

According to the minister, this collaboration is part of the government’s efforts to support the downstream programme, promote job creation, and reinforce Indonesia’s commitment to sustainability.

Hartarto emphasised that the US oil and gas giant is committed to providing training for Indonesian workers to help them meet global competency standards.

The minister is optimistic that this petrochemical and CCS technology development project could soon reach its groundbreaking phase.

He remarked that this project is also expected to be the first CCS project to operate.

“We hope this project will generate a multiplier effect for local business growth through strategic partnerships,” he stated.

The minister further noted that the MoU would lay the groundwork for establishing a stronger cooperation framework, including the formation of a Joint Task Force to coordinate strategic actions for the project’s realisation.

Hartarto affirmed that the cooperation aligns with the government’s goal of fostering a business-friendly and competitive investment climate.

“ExxonMobil has been operating in Indonesia for quite a long time. They are familiar with this country. They have extensive experience in the oil and gas sector.

“I express my gratitude and congratulate them. Hopefully, we can develop this project quickly,” he added.

The MoU signing took place in Jakarta yesterday, between Elen Setiadi, the deputy for energy and mineral resources coordination at the coordinating ministry for economic affairs, and Zoe Barinaga, vice-president of ExxonMobil Chemical International Major Growth Ventures.