Indonesia and Singapore have reached an agreement to enhance energy cooperation, focusing on clean energy exports and the development of a renewable energy-based industrial zone in the Riau Islands. The agreement was announced following a bilateral meeting between the Indonesian President and the Singaporean Prime Minister at Singapore’s Parliament House last month.
According to Indonesia’s Minister of Energy and Mineral Resources, Singapore has expressed interest in importing clean electricity from Indonesia and exploring collaboration in carbon capture and storage (CCS). However, the minister emphasized the importance of ensuring mutual benefits and has requested that the Singaporean government consider supporting the development of an industrial zone in Indonesia aimed at advancing renewable energy downstreaming.
The cooperation was formalized through a memorandum of understanding (MoU) signed in June by Indonesia’s Minister of Energy and Mineral Resources and Singapore’s Second Minister for Trade and Industry. The initial investment for the partnership is estimated at USD 10 billion, excluding the added value from the development of the associated industrial area.
The industrial zone is slated for development within the special economic zones of Karimun, Bintan, and Batam, situated directly adjacent to Singapore. According to the Minister of Energy and Mineral Resources, potential investors have already been identified, and the Ministry of Law and Human Rights has reviewed the project’s legal framework.
(Source: ANTARA News)
