Abu Dhabi National Oil Company (ADNOC) will supply Indonesian national oil company Pertamina with liquefied petroleum gas (LPG) and sulfur in a four-year deal worth around $2 billion.
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said that the governments of the United Arab Emirates (UAE) and Indonesia have agreed on a number of agreements, including the LPG supply deal, as part of the Indonesia-Emirates Amazing Week 2021 last week.
“These are all first steps to build better relations between the two countries and we continue to support each other’s economic growth in Indonesia and the United Arab Emirates,” said Luhut in a virtual press conference on Friday.
United Arab Emirates Minister of Energy and Infrastructure Suhail Al Mazroui explained that the LPG and sulfur sales contract will last for 4 years with an annual contract value of around $500 million. However, this amount may change following fluctuations in the price of these commodities on the global market, he added.