SBY inaugurates three firms with $95 million investment on Batam

President Susilo Bambang Yudhoyono inaugurated on Tuesday the operation of three oil and gas service companies on Batam Island. The three firms, which are investing a total of US$95 million, relocated its operations to Batam from Singapore, the Investor Daily reported on Wednesday.

The three companies are PT Semblog Citranusa, which is investing $25 million, PT Sembawang Marine Offshore Engineering ($50 million) and PT Bredero Shaw Indonesia ($20 million).

The three companies decided to relecate its operations to Batam following the agreement recently signed by Indonesia and Singapore to transform Batam, Bintan and Karimun into special economic zones (SEZs).

Susilo called on all concerned parties to provide security, incentives for all companies operating in three islands so that the special economic zones become sucesseful.

Ministry of Industry Fahmi Idris said the government has a commitment to transform Batam Island into an industrial center as well as a logistical resource center for oil and gas sector so that Batam can compete with other countries. (*)