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Energy companies, banks asked to explore Indonesia

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday said that Pakistani oil and gas companies can operate comfortably in Indonesia and make reasonable profits, according to a statement.

Energy demand in Indonesia is growing by seven percent per annum, which creates demand for foreign capital and expertise in the oil and gas and renewable energy sectors, said Atif Ikram Sheikh, chairman of the FPCCI coordination Islamabad office.

Speaking to the business community, he said that the oil and gas companies in Indonesia will invest $32 billion in two years to drill for energy but there is room for more investment.

Sheikh, who is also the senior vice chairman of Pakistan Vanaspati Manufacturers Association (PVMA), said that Pakistan’s energy companies are already working in several countries but they have yet to step into the Indonesian market. Southeast Asia’s largest energy producer and consumer is ready to welcome Pakistani companies, give them profitable oil blocs and support them through exemplary oil and gas regulations and enabling investment laws, he said. Sheikh said that Pakistani banking companies can expand their operations to the largest Asean economy as Pakistan’s entire palm oil imports will be shifted to Indonesia from Malaysia within months.

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