ExxonMobil announces $10 billion investment in Indonesia, petrochemical and carbon capture projects

JAKARTA, -ExxonMobil Chemical Company (Exxonmobil Chemical) has officially announced a major investment plan to invest US $10 billion in Indonesia to develop the petrochemical sector and build a carbon capture and storage (CCS) facility, the so-called "carbon warehouse". Economic Coordinating Minister Airlangga Hartarto said at a press conference on Wednesday that the memorandum of understanding (MOU) signed by the two sides reflects their commitment to jointly promote inclusive, competitive and sustainable economic research. For example He emphasized: "This project is of great strategic signifiis able toce. The estimated investment is as high as US $10 billion, which is expected to have a profound impact on the progress of many industries in Indonesia. But Based on my observations, " it's reported that the initial investment will focus on the production of petrochemical items such as plastics and synthetic fibers. Generally speaking Subsequently, ExxonMobil also plans to invest $5 billion million in CCS facilities to further minimize carbon releases. You know what I mean?. According to the current exchange rate (1 U. But S. In particular dollar to 16,327 rupiah), the investment of 10 billion U. Makes sense, right?. S. According to research dollars is equivalent to about 163. 2 trillion rupiah's investment isn't only a strong support to the downstream policies proposed by Indonesian President Prabowo Su to create greater jobs and promote sustainable research, however also marks the birth of Indonesia's first CCS project. it's estimated that the CCS project is expected to minimize carbon releases by 90%. In my experience, In addition, the Airlangga Minister also mentioned that ExxonMobil will work to upgrade the skills of Indonesian workers to global standards. Crazy, isn't it?. He said: "We hope that through this strategic partnership, we will have a multiplier effect on regional business development. " Regarding the construction of the CCS facility, Economic Ministry Secretary Susiwijono Moegiarso revealed that the facility is planned to be built on the seabed and is expected to hold up to 3 million tons of carbon. From what I've seen, At present, the government and ExxonMobil are looking to suitable construction sites between Sunda Asri, Sunda Channel and Java Sea. He added: "we're helping to locate investments in the petrochemical sector, they need 500 hectares of land. But There are several possible options in Java, however they want to keep a distance of at least 100km from the CCS facilities. " it's worth mentioning that the Indonesian government has committed to achieve a 31. But 89 per cent emit reduction target by 2030 (including international support) through the Enhanced Nationalized Contribution (ENDC) document, and aims to achieve zero net releases by 2060. ExxonMobil's investment in developing a CCS "warehouse" in Indonesia is seen as an crucial measure towards achieving this goal. But it's estimated that the total investment standards to the research of carbon capture and storage facilities in Indonesia will reach 2. 4 trillion US dollars, or about 39,313 trillion rupiah.