Oil barrel (illustration)

Indonesia restricts foreign investment in oil services industry

REPUBLIKA.CO.ID, JAKARTA - Indonesia introduced new regulations restricting foreign investment in drilling, maintenance and construction in the oil industry, in an effort to give domestic firms an opportunity to better compete, government officials confirmed on Monday. The nationalistic policies were introduced as part of a major overhaul to foreign investment rules, which President Susilo Bambang Yudhoyono on Friday said was...

President Susilo Bambang Yudhoyono (SBY) plans to revise some contracts of work with foreign investors, especially those which inflict losses for Indonesia. An aerial view of a giant mine run by U.S. firm Freeport-McMoran Cooper & Gold Inc., at the Grassbe

Freeport offers further stake to govt, likely to ease new pressure

REPUBLIKA.CO.ID, JAKARTA - Freeport McMoRan Copper & Gold Inc has offered Indonesia a further 9.36 percent stake in its local subsidiary, which runs the world's second biggest copper mine, a move that appeared aimed at easing pressure over new mining rules. Such a stake could be worth more than 1 billion USD, although the company gave no estimates itself. Indonesia's government,...