JAKARTA - Investment Minister/Head of BKPM Rosan Perkasa Roeslani opened his voice regarding the departure of LG from the consortium of electric vehicle battery projects in Indonesia.
Rosan said that the decision to withdraw LG from the Titan project was the decision of the Indonesian government through a letter issued by the Ministry of Energy and Mineral Resources (ESDM) on January 31.
"More precisely than us who decided based on the January 31, 2025 letter issued by the Ministry of Energy and Mineral Resources," said Rosan, quoted on Thursday, April 24.
This decision was taken because negotiations between Indonesia and LG lasted for five years had not yielded significant results.
"Because the negotiations have been going on for too long while we want this to go well because of the five-year negotiations. It can't be a long project," continued Rosan.
Therefore, the government took the initiative to issue a letter of termination of cooperation which was immediately sent to the CEOs of LG Cheem and LG Energy Solution.
He added that this letter was also issued because Chinese investor Huayou has expressed his desire to invest in the battery ecosystem sector.
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Huayou's desire to enter the battery project consortium in Indonesia has been revealed since 2024.
"We have met with Huayou, I have met because they have been very positive since 2024 and have expressed interest in becoming an LG consortium," said Rosan.
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