ExxonMobil Commits US$15 Billion Investment For CCS Development

ExxonMobil Commits US$15 Billion Investment For CCS Development

Tuesday, 03 Dec 2024

The American multinational oil and gas company ExxonMobil has announced its commitment to invest up to $15 billion in the development of carbon capture and storage (CCS) technology.

Rosan Roeslani, the Minister of Investment and Head of the Investment Coordinating Board, stated that ExxonMobil's President Director, Carole Gall, conveyed this investment interest directly to President Prabowo Subianto during a breakfast meeting with numerous other American entrepreneurs at the State Palace in Jakarta on Tuesday.

"President Director Carole Gall also expressed her commitment, and the amount is quite significant," Rosan remarked during a press briefing at the Presidential Palace in Jakarta on Tuesday.

During the meeting between the President and approximately 50 American business leaders who are part of the U.S.-ASEAN Business Council at the State Palace, Rosan, who accompanied the President, noted that entrepreneurs from eight different industries, including healthcare, food and beverage, tourism, pharmaceuticals, minerals, oil and gas, and digitalization, expressed their enthusiasm regarding the forthcoming investments.

This investment interest also includes ExxonMobil, which mentioned that the British oil and gas company, British Petroleum (BP), has also committed to investing $7.7 billion in Indonesia.

In response to BP's commitment to investment, ExxonMobil has also announced its investment commitment of up to 15 billion US dollars.

"It was mentioned earlier that BP has already committed to an investment of 7.71 billion US dollars, but they will also invest up to 15 billion US dollars. This was also stated by the President Director of ExxonMobil," said Rosan.

Additionally, President Prabowo hosted 50 American entrepreneurs from the US-ASEAN Business Council at the State Palace in Jakarta, which took place from 10:00 AM to 12:00 PM WIB.

During the morning gathering with the entrepreneurs, the President was accompanied by Cabinet Secretary Teddy Indra Wijaya, Foreign Minister Sugiono, Coordinating Minister for Economic Affairs Airlangga Hartarto, Minister of Investment and Head of the Investment Coordinating Board Rosan Roeslani, the US Ambassador to Indonesia Kamala Shirin Lakhdir, Chairman of the Advisory Council of Kadin Indonesia Hashim Djojohadikusumo, Deputy Minister of Finance Thomas Djiwandono, and the President and CEO of the US-ASEAN Business Council. (ferry@insightinnews.com)

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