First India Indonesia Energy Forum was held in Jakarta, Indonesia on April 20, 2017. Mr. Piyush Goyal – Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines and Mr. Ignasius Jonan – Minister of Energy and Mineral Resources of Indonesia took part in this forum.
- The reports of 2nd Joint Working Group (JWG) on Oil and Gas, 4th Joint Working Group on Coal and 1st Joint Working Group on New and Renewable Energy (held through video-conferencing), which preceded the energy forum, were presented to two Ministers during the Energy Forum.
- The discussions of JWGs were focused on policy frameworks, capacity building measures, research and development and business/investment opportunities.
MoU between India and Indonesia on cooperation in the field of Oil and Gas
A Memorandum of Understanding (MoU) between the Union Ministry of Petroleum and Natural Gas and the Indonesia’s Ministry of Energy and Mineral Resources on cooperation in the field of Oil and Gas was signed at the energy forum. This MoU seeks to set up an institutional framework for bilateral cooperation in the field of oil and gas sectors which will be equally beneficial for both the countries.
India and Indonesia have agreed to explore cooperation in following areas:
- Upgrading of refineries in Indonesia
- Sharing the expertise of Indonesia in gasification of fuel oil
- Relocation of gas-based plants from India to Indonesia
- Exploration of oil, gas and coal fields
- Sharing of experience in use of LEDs and renewable energy in India
Overview of India-Indonesia Bilateral Trade:
India is 3rd largest importer of coal from Indonesia.
- India imported coal worth US$ 3.5 billion from Indonesia in the year 2016.
- Bilateral trade between India and Indonesia stood at US$ 15.90 billion for the year 2015-16. As Indonesia’s export toIndia stood at US$ 13.06 billion and India’s exports to Indonesia stood at US$ 2.84 billion, the trade balance is tilted in favour of Indonesia.
- It is to be noted that, India and Indonesia had agreed to hold Energy Forum at ministerial level in first half of year 2017 during Indonesian President Joko Widodo’s visit to India in December 2016.
- Capital: Jakarta
- Currency: Indonesian rupiah
- President: Joko Widodo