IAF 2024 Results in US$1.5 Billion in Energy Investments for Africa
Sep 03, 2024
|Press Release of the Indonesia-Africa Forum II
Two delegates chat during the Joint Leaders Session of HLF MSP-IAF II at Hotel Mulia, Nusa Dua, Bali, on Monday (2 September 2024).
Badung, 3 September 2024 – Indonesia successfully reached an investment agreement in the energy sector totaling US$1.5 billion at the 2nd Indonesia-Africa Forum (IAF) held in Bali from 1 to 3 September 2024.
Dewi Justicia Meidiwaty, Director for African Affairs, Directorate General of Asia-Pacific and Africa of the Ministry of Foreign Affairs, made the statement on Tuesday (3 September 2024) in Nusa Dua, Bali.
"This is certainly a promising achievement from the 2024 IAF deliverables agreement target worth a total of US$3.5 billion," said Meidiwaty.
The Director for African Affairs explained that one of the agreements reached is a training contract between PT Pertamina Training & Consulting (PTC) and Petrofound Namibia, which will take place at Indonesia's Integrated Drilling Training Center (IDTC). With Tanzania, PT Pertamina has secured a 60% stake redistribution in Wentworth Resources' Mnazi Bay gas block.
The State Electricity Company (PT PLN) has also collaborated on geothermal energy development with Tanesco and Tanzania Geothermal Development Company (TGDC), targeting a 225 MW development in Natron, Luhoi, and Ngozi.
“Tanesco has also visited PT PLN to further explore potential geothermal energy development in Indonesia,” said Meidiwaty.
Various agreements between Indonesia and Tanzania are also a follow-up to the Indonesian President’s visit to Tanzania from 21 to 22 August 2023, which resulted in several cooperation commitments, particularly in the energy sector.
Director Meidiwaty mentioned that in addition to agreements between Indonesia and African countries, the 2nd IAF also serves as a forum facilitating agreements among African countries.
“One such agreement is the cooperation between Mozambique and South Africa through a Memorandum of Understanding between Buzi Hydrocarbon Pte Ltd and Guma Africa Group Ltd. regarding the exploration and commercialization of Buzi EPCC gas,” she added.
In addition to state-owned enterprises, the private sector also achieved significant investment values in Africa, including PT Energi Mega Persada (EMP) with Vutomi Energy through a commercial partnership for a 500 megawatts Independent Power Plant (IPP).
These energy sector agreements further strengthen Indonesia-Africa cooperation in securing supply and energy resilience amid uncertain global geopolitical conditions.
“Energy resilience is crucial for stability and economic development, especially for Indonesia and Africa,” said Director Meidiwaty.
With these cooperation commitments in place, it is hoped that they will further strengthen the relationship between Indonesia and Africa towards a shared future in line with Indonesia's Vision 2045 and Africa's Agenda 2063. (Ministry of Foreign Affairs/TR/Elvira Inda Sari/FI/SC).
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