WASHINGTON: Indonesian and US companies on Wednesday (Feb 18) signed deals valued at more than US$7 billion a day ahead of Indonesian President Prabowo Subianto's meeting with US President Donald Trump to sign a final trade pact, the US-Asean Business Council said.
The agreements, signed at a dinner for Prabowo hosted by the US Chamber of Commerce, include purchases by Indonesian firms of 1 million metric tonnes of US soybeans, 1.6 million tonnes of corn, and 93,000 tonnes of cotton over unspecified periods, according to a US-Asean Business Council (USABC) fact sheet.
It added that Indonesia will buy 1 million tonnes of wheat this year and up to five million tonnes by 2030.
The deals include a memorandum of understanding between US mining group Freeport-McMoRan and the Indonesian Ministry of Investment for critical minerals cooperation and an agreement between state oil producer Pertamina and Halliburton Co to cooperate on oilfield recovery, USABC said.
Freeport and the investment ministry signed an initial deal to extend its mining permit beyond 2041, Freeport-McMoRan Chairman Richard Adkerson said at the dinner.
"It is a life of resource extension, and we cannot wait to undertake delineation drilling of what that ore body will be for many decades to come in the future," he said.
The deals also include two semiconductor joint venture agreements, including one valued at $4.89 billion between Essence Global Group and an Indonesian partner and another unvalued venture involving Tynergy Technology Group. - Reuter
