Indonesia considers buying Russian oil
Indonesia is considering buying Russian oil which has been subject to massive European sanctions since the Russia-Ukraine conflict broke out in 2022.
The plant of Russian petrochemical company Gazprom Neftekhim Salavat in the Bashkortostan region of Russia. Photo courtesy of TASS/VNA.
Energy Minister Bahlil Lahadalia recently said that Indonesia’s entry to BRICS had opened up the possibility of Jakarta importing this oil, whose prices have been pushed below the global benchmarks by the sanctions.
However, Indonesia’s interest in Russian oil has sparked worries that the oil deal could take a toll on the Southeast Asian nation’s ties with Western allies. An EU diplomat, however, revealed the European bloc did not mind where Indonesia bought its oil even if it comes from Russia.
Meanwhile, Russian Ambassador to Indonesia Sergei Tolchenov said that his country is open to oil purchase negotiations.
He noted that Russia has engaged in some talks with Indonesia to use local currencies, rupiah and ruble for their bilateral trade as Moscow remained isolated in the international financial system.
Indonesia can only produce 700,000 and 800,000 barrels a day, only half of the national demand. It mainly imports oil from the Organisation of Petroleum Exporting Countries (OPEC) members.
The Central Statistics Agency (BPS) showed that Indonesia’s oil and gas imports totalled about $36.3 billion in 2024.
- Read More
Indonesia, India ink numerous cooperation agreements
Indonesia and India signed a series of agreements on Saturday, covering maritime security, health care, traditional medicine, culture, and digital cooperation.
Southeast Asia - Mon, January 27, 2025 | 6:07 pm GMT+7
Northern Vietnam province seeks offshore wind power project
Vietnam’s northern province of Nam Dinh has urged the Central Party Committee to help facilitate including an offshore wind power project in the country’s power development plan (PDP).
Energy - Mon, January 27, 2025 | 5:46 pm GMT+7
Vietnam’s chemical giant Stavian invests $22 mln in manufacturing battery energy storage system
Vietnam’s chemical giant Stavian Group will invest $22 million in making battery energy storage system (BESS), in order to promote green and clean energy development and sustainable energy industrialization in the country.
Energy - Mon, January 27, 2025 | 12:49 pm GMT+7
Life insurer FWD Vietnam fined for unfair competition
FWD Vietnam Life Insurance Company Limited has been fined VND200 million ($7,975) for posting misleading information on its Facebook page, per a decision by the National Competition Commission (NCC) under the Ministry of Industry and Trade.
Finance - Mon, January 27, 2025 | 12:44 pm GMT+7
Vietnam property developer Novaland incurs first yearly loss since 2016 listing
Novaland, a leading real estate developer in Vietnam, reported a yearly loss for the first time since its listing in late 2016 as the firm has been struggling with financial distress.
Companies - Mon, January 27, 2025 | 10:52 am GMT+7
Thailand’s WHA to build industrial park in central Vietnam from Q1/2025
Thailand’s top industrial park (IP) developer WHA is set to build its WHA Industrial Zone 2 project in Vietnam’s central province of Nghe An later this quarter.
Industrial real estate - Mon, January 27, 2025 | 10:39 am GMT+7
Vietnamese broker VNDirect's fund management firm fined for violations
The State Securities Commission of Vietnam (SSC) has fined IPAAM, a fund management company wholly owned by leading broker VNDirect, VND260 million ($10,370) for violations.
Companies - Mon, January 27, 2025 | 8:00 am GMT+7
Thailand pilots 'green transport' to combat air pollution in Bangkok
Thailand’s Prime Minister Paetongtarn Shinawatra has ordered free public transport in Bangkok for one week, starting on Saturday, in a move to deal with the alarming air pollution in the capital city.
Southeast Asia - Sun, January 26, 2025 | 9:23 pm GMT+7
Indonesia calls on Boeing to build component factory
Indonesian Deputy Minister of Industry Faisol Riza has urged U.S. aircraft manufacturer Boeing to build an aircraft component production facility in the Southeast Asian country.
Southeast Asia - Sun, January 26, 2025 | 9:17 pm GMT+7
BCG Energy’s pre-tax profit hits $18.7 mln in 2024
BCG Energy (UPCoM: BGE), a subsidiary of Vietnam's multi-sector corporation Bamboo Capital (HoSE: BCG) posted a pre-tax profit of VND468 billion ($18.66 million), a significant turnaround from the 2023 loss of VND147 billion ($5.86 million).
Bamboo Capital - Sun, January 26, 2025 | 3:35 pm GMT+7
Vietnam’s major retailer Mobile World reports 22-fold profit surge in 2024
Mobile World, one of the leading retailers in Vietnam, reported its after-tax profit skyrocketed 22 times in 2024 compared to the previous year, largely driven by the strong performance of its retail chains, including Bach Hoa Xanh, EraBlue, and AvaKids.
Companies - Sun, January 26, 2025 | 3:17 pm GMT+7
Vietnam steelmaker giant Hoa Phat’s net profit hits 2-year high
Hoa Phat Group, Vietnam’s leading steelmaker, recorded its highest yearly net profit in two years, surpassing its target by 20%, driven by increased production and sales.
Companies - Sun, January 26, 2025 | 9:56 am GMT+7
HCMC approves detailed planning for $9 bln Can Gio marine tourism-urban area
The Can Gio marine tourism-urban complex project has an area of 2,870 hectares and total investment capital of nearly $9 billion, according to the 1/500 detailed planning recently approved by Ho Chi Minh City authorities.
Real Estate - Sun, January 26, 2025 | 8:17 am GMT+7
Major General Vu Hong Van appointed southern Vietnam manufacturing hub's Party chief
Major General Vu Hong Van, Deputy Chairman of the Central Inspection Committee, has been appointed Secretary of Dong Nai province's Party Committee under a decision of the Politburo, Vietnam's supreme decision-making body.
Politics - Sat, January 25, 2025 | 9:55 pm GMT+7
Vietnamese group Bamboo Capital's 2024 profit after tax up 394%
Bamboo Capital Group earned profit after tax of VND844.8 billion ($33.68 million) on consolidated net revenue of VND4,372 billion ($174.32 million) in 2024, up 393.8% and 9% year-on-year, respectively.
Bamboo Capital - Sat, January 25, 2025 | 8:59 pm GMT+7
Indonesia accelerates nuclear power plant development
Indonesia’s Ministry of Energy and Mineral Resources is seeking to hasten the development of nuclear power plants in the country.
Southeast Asia - Sat, January 25, 2025 | 3:06 pm GMT+7
