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UAE Freezones Biz News Updates
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Indonesia-UAE trade increases by more than 25%
Indonesia sees potential for more oil exports from UAE
The UAE-Indonesia bilateral trade recorded 26.4 per cent increase in 2011,
compared to the previous year, a top Indonesian diplomat told Gulf News.
“Despite facing difficult times, total bilateral trade in 2011 increased
significantly by 26.4 per cent [compared to previous year] to more than $2.5
billion (Dh9.18 billion),” said Salman Al Farisi, Indonesian Ambassador to
the UAE.
He said the bilateral trade reached about $700 million (Dh2569 million) in
the first quarter of 2012. Indonesia has the trade surplus which has been
decreasing gradually, Al Farisi said.
During the last three years, he said, investment commitment from UAE has
multiplied to more than $11 billion (Dh40.37 billion) in various sectors
such as ports, mining, real estate and hospitality industry etc.
Oil and petrochemicals are the major imports from the UAE to Indonesia, he
said. Although Saudi Arabia is Indonesia’s major source of oil, a
significant portion is also imported from the UAE. Two recent developments
are expected to enhance the oil imports from the UAE to Indonesia, the envoy
said.
The completion of the UAE’s ambitious oil pipeline from Abu Dhabi to
Fujairah has made the oil transportation easier to Indonesia through the
UAE’s east coast, he pointed out.
As Gulf News reported on Sunday (August 19), Abu Dhabi began commissioning
the 1.5 million barrels per day Habshan to Fujairah pipeline in early July,
a project designed to ship onshore Murban crude 370 kilometres to the
northeast, bypassing the Strait of Hormuz. Around 8 million barrels of new
crude storage has been built at Fujairah in conjunction with the pipeline,
and the line is expected to be operating close to capacity levels by end of
2012, the Paris-based International Energy Agency said in a report.
In another development, the ambassador said, Pertamina [the state owned
Indonesian oil company] recently got permission from the Indonesian
Government to buy oil directly from international market without third
parties. “So the company will be able to make purchases directly from oil
companies like ADNOC [Abu Dhabi National Oil Company].”
The exports from Indonesia to the UAE include textiles, jewellery,
automotive, tyres, and agricultural products like fruits and vegetables, Al
Farisi said.
“We expect new opportunities in the UAE for furniture and construction
materials from Indonesia,” he said.
Considering the booming construction industry in the UAE, the ambassador
said, there is huge demand for steel etc. |
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Courtesy Al Nisr Publishing LLC
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