The Stalled Investment From Lotte Chemical, Pertamina And Rosneft Russia Is Confirmed By Bahlil To Start Running This Year

Investment Minister Bahlil Lahadalia (Photo: Doc. Antara)

JAKARTA - The Ministry of Investment/Investment Coordination Agency (BKPM) targets the stalled investment problem to be completed this year. Bahlil explained that of the total investment of IDR 708 trillion, only 25 percent remained.

"The stalled investment of IDR 708 trillion, 75 percent has been completed. Of this 75 percent, we are targeting it to be completed this year. If it's not finished, we take it out. We consider the person not serious. That's our focus," he said in a press conference virtually, Thursday, January 27.

Furthermore, Bahlil said that a number of stalled investments had been completed. Among them is Lotte Chemical to the formation of a joint venture company PT Pertamina (Persero) and a Russian oil and gas company, Rosneft Oil Company to build a refinery in Tuban.

"Tomorrow's example, in the second quarter of 2022, Lotte is already under construction. Then, Rosneft and Pertamina are already running. Several other companies are already running," he said.

Not only that, but Bahlil also mentioned the Tanjung Jati A Steam Power Plant (PLTU) project whose licensing has been completed by the Ministry of Investment.

Even though the permit has been obtained, unfortunately, the project has not yet started. This is because one of the investors wants to change the deal.

"We have completed the permit for Tanjung Jati. But he still hasn't done it because he wants to change from coal to gas. But we think we don't have to agree either," he explained.

On this occasion, Bahlil again emphasized that entrepreneurs cannot regulate the state. Bahlil emphasized that the state has the right to regulate entrepreneurs as long as entrepreneurs are not arbitrary and obey the existing rules.

"I said from the start that entrepreneurs should not regulate the state. The state regulates entrepreneurs as long as entrepreneurs are not tyrannical. Entrepreneurs are also not arbitrary," he said.

For your information, PLTU Tanjung Jati A is the result of a consortium between PT Bakrie & Brothers Tbk and YTL Jawa Energy BV, a subsidiary of an energy company from Malaysia, YTL Corp Bhd. The project has a capacity of 2x660 megawatts.

"This is a company from Malaysia, all of a sudden, it really wants to change. How can we want it like that. The state must be sovereign. It can't be. We are fair," he said.